UAE Mubadala Oil & Gas and Yemen Company for Investments in Oil and Minerals (YICOM) announced today that they have signed a Memorandum of Understanding (MOU) on cooperation in the exploration and production sector of the oil and gas industry in the Republic of Yemen.
The MOU provides for an exchange of technical information between the two companies and co-operation to assess opportunities to work together on new investments, field redevelopment and expansion projects and other oil and gas operations in Yemen.
The MOU was signed by Ali Saleh Al- Kadi, Executive General Manager, Yemen Company for Investments in Oil and Minerals and Suhail Al Mazrouei, Deputy Chief Executive Officer, Mubadala Oil & Gas. It was witnessed by His Excellency Amir al-Aydarus, Minister of Oil and Minerals of the Republic of Yemen and His Excellency Abdullah Matar Al-Mazroui, United Arab Emirates Ambassador to Yemen.
“The UAE and Yemen have strong and long-standing links and we look forward to building on these in our new relationship with YICOM. The Yemeni government has created an attractive investment environment in the upstream sector and we believe Mubadala can use its ability to act as a powerful catalyst, working with YICOM, to open up new oil and gas opportunities in Yemen,” said Mr. Al Mazrouei.
Mubadala Development Company (Mubadala) is a catalyst for the economic diversification of Abu Dhabi.
For more information about Mubadala please visit www.mubadala.ae.
Mubadala Oil & Gas is a business unit within Mubadala with exploration and production interests in the Middle East, North Africa, and Central and Southeast Asia. Its portfolio includes Pearl Energy, a wholly-owned subsidiary of Mubadala that operates a range of exploration, development and production assets in Southeast Asia. Current net working interest production is approximately 400,000 barrels of oil equivalent per day (boepd).