Mubadala Oil and Gas and Yemen Company for Investments in Oil and Minerals (YICOM) have signed a memorandum of understanding to co-operate on oil and gas exploration and production in Yemen.
The two state-owned companies signed the agreement today in Sana'a, the capital of Yemen, in the presence of Amir al Aydarus, the country's oil and minerals minister. It covers information sharing and a plan to assess potential joint projects including the redevelopment and expansion of Yemeni fields plagued by declining oil and gas output.
"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 Suhail Al Mazrouei, Deputy Chief Executive Officer, Mubadala Oil and Gas.
Mubadala Oil and Gas is the overseas upstream petroleum arm of the Abu Dhabi Government's strategic investment company Mubadala Development. It has targeted the MENA and Caspian regions and Southeast Asia for investment.