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 Al Mazroui.
Under the memorandum of understanding, Mubadala Oil & Gas and YICOM
will assess opportunities for investment, field redevelopment and expansion projects in Yemen, a statement from the Mubadala affiliate said.
Until KNOC came in to operate its 91 wells, the block used to be operated by the state-owned YICOM