Yemen Monitor/Newsroom:
The Yemeni Company for Oil and Mineral Investments announced that the American company, Hunt Oil, will take over Sector 5, following the resignation of PetroMasila company at the beginning of November.
In a press release, the Yemeni company stated that Hunt Oil will assume the role of operator for Sector 5 starting from January 1, 2025, and all responsibilities and duties of PetroMasila will be transferred to Hunt Oil, with the handover procedures to be completed as soon as possible.
The company indicated that the decision came after a meeting held on November 18 to consider appointing a new operator following the receipt of PetroMasila’s resignation. The company reviewed a letter from Hunt Oil dated November 11, in which it offered to serve as the operator, and the offer was approved.
Sector 5, also known as the Jana Sector, is one of Yemen’s oil and gas-producing sectors. Production and export from the sector began in 1996.
Yemen relies on crude oil exports to finance 70% of its general budget expenditure. Before the current war, the country’s oil production ranged between 150,000 and 200,000 barrels per day.
