Weekly MENA Newsletter will be delivered to your email in PDF format every Friday (52 Issues per Year).
French major Total quietly announced in its annual report last month that it was selling its 15% stake in Yemen’s (once) 30,000 b/d Block 5 – its last ‘production asset’ in the war-torn country. The agreement “remains subject to the authorities’ approval” – but with a reentry unlikely any time soon, the Total exit looks a done deal.
Block 5 was once Yemen’s second largest producing block but production halted in 2015 when the Saudi-led war effort forced a production halt from operator Kuwait Energy and its partners (Yemeni state firm Yicom 20%, Kufpec 20%, Kuwait Energy 15%, Newco 15%, Total 15% and ExxonMobil 15%; MEES, 25 September 2015 ).
Kuwait Energy, recently bought by China’s United Energy Group ( MEES, 8 March ), said in its 2018 annual report that it “continues to monitor the situation” and “is operationally prepared to commence production as soon as the situation permits.” (CONTINUED - 309 WORDS)