Have a look at this and wonder why the word 'oil' could not be included. The excruciating sentence reads:
"The committee also agreed to take urgent steps to start gas exports in order to boost the hard currency revenues, according to the minister."
A general understanding IMO is that this is a request to TOTAL to start production to the LNG plant, similarly to OMV, down south in Shabwah which is secure if not safe. Straight up, Yemen's need for revenue is connected to a theme that is recorded earlier in the year by new Yemen Minister of Oil and Gas with his keenness to exploit ONLY the big two (TOTAL and OMV). Hence as oil delivery to the Marib pipeline is unusable, TOTAL's involvement is down to it's LNG plant at Bir Haf. If this is right it helps explain PSA's delay which follows on from what I mentioned previously.
Of course it does not explain at all why PSA is not being given the independence or incentive to deliver production. The current issue of operator status (if read PSA announcements) is core to this. IMHO, PSA substantial delay, at the moment only, matches the Yemen's Minister of Oil and Gas timeline. All this talk of corruption etc, lacks the substance that one would want to see. If we do not get approvals SOON, then conspiracy theories will reign supreme.
PSA Price at posting:
14.5¢ Sentiment: Buy Disclosure: Held
