During ---------, we forecast Yemen s oil and gas reserves to decline very modestly as both exploration and production activities have been suspended or operate at minimal capacity. � The country s security situation will be the key determinant of its oil production volumes over the coming decade. ...� We forecast refined products output to stand at --,---b/d in ----. While we expect to see a production pick up in ---- and ----, there are significant downside risks to our forecast arising from fragile security environment. � Yemen s refined products output will continue falling at least until ----, reaching a nadir of --,---b/d. ...� We hold our view that Yemen will import around --,---b/d of crude oil and liquids in ----. Unless the security situation in the country improves, imports will rise to around --,---b/d by ----.
...According to EIA data, Yemen s oil reserves stood at -,---mn barrels (bbl) in ---- and were some of the smallest among the resource-rich Middle Eastern countries. Around -- of the country s oil reserves are located in the Masila Basin, east-central Yemen. ...Around -- of the country s oil reserves are located in the Masila Basin, east-central Yemen. Although over the past several years the country has been trying to boost its oil reserves by offering a number of onshore and offshore exploration bids, a deteriorating security situation in over the past few years has put the vast majority of exploration activities in Yemen on hold. As the political and security conditions are not favourable for exploration or production, we forecast Yemen s oil reserves to decline slightly across our forecast period, reaching -,---mn bbl in ----. In terms of gas, Yemen held an estimated --- billion cubic metres (bcm) in ----, with the majority of resources located in the hydrocarbon-rich Marib-Jawf area. Over our forecast period to ----, gas reserves are expected to continue on a slight downward trend, due to limited gas exploration activities and an unstable security environment, falling to ---bcm in ---- and ---bcm in ----.
...According to reports in April ----, Australian oil and gas explorer Petsec Energy increased its stake in Block - in the Al Barqa Permit, Yemen, to --.-- by buying Papua New Guinea-based energy company Oil Search s stake in the block. Petsec acquired all shares of Oil Search, which held a -- interest in the block and was its designated operator. ...
