Austria’s OMV is in the process of quitting Yemen, dealing a major blow to the troubled Middle Eastern state’s upstream sector. A spokesperson confirms that “we are in a sales process of our Yemen business. As soon as this process is completed, we will inform accordingly.”
OMV operates the S2 Block in the central Shabwa basin with a 44% stake, alongside Chinese state firm Sinopec (37.5%) and two Yemeni state firms YOGC (12.5%) and YRL (6%). It also holds the Block 3 and 70 exploration licenses. (CONTINUED - 662 WORDS)
