Money Matters - Simplified

Yemen reports oil reseves of 11.9B barrels

Sana-- Yemen's oil reserves are estimated at 11.9 billion barrels of oil, a government agency said Tuesday.

The Petroleum Exploration and Production Authority said a new study had estimated Yemen's reserves, indicating the country's oil industry requires more investment, Saba reported.

Nasr al-Humaidi, the head of the agency, said using updated technology would likely increase the estimate further.

Copyright 2010 United Press International

No votes yet