Austrian energy major OMV said it has no plans to restart oil production in Yemen, despite a three-day ceasefire in the country. The situation there remains too volatile, OMV
OMV has been present in Yemen
OMV said in May this year that it wasn’t going to resume upstream operations in either Yemen or Libya, where it also has a presence, before the winter. Initially, the force majeure on its Yemeni operations was to last for six months, but it seems like it may be prolonged if fighting continues. At the same time, however, then-CEO Gerhard Roiss said the company did not plan to leave either Yemen or Libya for good.
The Austrian company
Yemen has been the site of a proxy war between Saudi Arabia and Iran after the Houthi rebels forced President Abd-Rabbu Mansour Hadi to
Yemen is a small oil producer, but its geographical position is strategic because it sits on the narrow Bab al-Mandab strait connecting the Red Sea with the Gulf of Aden—a waterway for much of the oil shipments in the region.
By Irina Slav for Oilprice.com
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