Yemen Jan-Apr share of oil revenues $905 mil, up 148 per cent on year
The Source: sana'a/ hadhramaut.info/sabanews.net - 10/06/2010
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The Central Bank of Yemen has said that the government's share of oil revenues for the year to the end of April totaled US$905.01 million an increase of 148 per cent increase on the US$365.05 million for the same period of 2009.
The bank added that the government share of January-April oil exports amounted to 11.42 million barrels at an average sales price of US$79.24/b. This compared with 8.1 million barrels at an average price of US$45.06/b for the first four months of 2009.The CBY also said domestic consumption to the end of April was 6.71 million barrels, down 25 per cent on the 8.94 million barrels in 2009.For April alone, the bank said the government's share of revenues from oil exports was US$239.7 million, from the sale of 2.85 million barrels of oil at an average pride of US$84.10/b.Yemen relies on the oil sector for 70 per cent of its general budget resources. The sector accounts for 92 per cent of exports and 30 per cent of GDP.Current oil production is 300,000-350,000 b/d from 12 oil fields, down from a peak of more than 420,000 b/d in 2002.Last September, Yemen's petroleum exploration and production authority said that the country was evaluating nine new oil discoveries on seven fields and that it expected new oil discoveries in 42 other oil sectors in 2010-15.PEPA estimated Yemen's current oil reserves at 10.9 billion barrels, with gas reserves at 18.2 Tcf.
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