Austria’s OMV has announced that the international joint ventures partners will withdraw from Yemen’s Block S-2 (OMV 44%op, Sinopec 37.5%) leaving it to the Yemeni government and state firms Yemen General Oil and Gas Company (YOGC: 12.5%) and Yemen Resources Limited (YRL: 6%). The firm is now finalizing its withdrawal effective 1 June leaving TotalEnergies, DNO, and Kuwaiti state firm Kufpec as the largest foreign firms still with a presence in the country.
OMV’s decision to exit Yemen comes as no surprise. It had inked an agreement to sell its stake to a Chinese-backed firm, Zenith Energy, in 2023 (MEES, 13 January 2023). But the deal fell through and OMV is set to just walk away. (CONTINUED - 751 WORDS)
