Egyptian companies plan with coalition to sell Yemen’s crude oil reserves

ADEN, Oct. 09 (YPA) – A geologist specializing in oil and gas extraction revealed on Tuesday that the Minister of Oil in the coalition-backed Aden government is planning to sell Yemen’s crude oil reserves located underground.

Abdulghani Gaghman, the geological expert, confirmed in a post on the “X” platform that the Minister of Oil in the government of Ahmed Awad bin Mubarak is moving to sell Yemen’s oil reserves located underground to Egyptian companies.

He pointed out that Egyptian companies will enter into partnership with the national companies PetroMasila and Safer as subcontractors.

Gaghman explained that these Egyptian companies, whose names he did not specify, would take 50 percent of the produced oil, which is considered 100 percent of state-owned, under the pretext that there is no operating budget for local companies.

PetroMasila Company in Hadramout have more than 404 production wells and 110 injection wells, and exported 42 million barrels of crude oil after one year of taking over the operation of Sector 14 from December 18, 2011 until December 2012, and the neighboring sectors through its pipeline extending to the port of Dhabbah to export oil in Yemen.

AA