YLNGYemen Liquefied Natural Gas
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The $5bn YLNG venture, led by Total, always tried to quickly recover from losses incurred by stoppages by selling its output in the Far East.
The YLNG personnel in Belhaf started to post red badges on Sunday, in preparation for a comprehensive strike because their demands weren't met.
Yemen's parliament had earlier objected to aspects of the YLNG scheme, accusing the government of pricing the LNG to the offtakers - Korea Gas Corp (Kogas), Total and Suez Energy Tractebel of Belgium - too cheaply.
Total is understood to have lifted at least one cargo, and the Seri Balhaf, a YLNG tanker dedicated to supplying Total's 2 mtpy contract, is currently anchored in Trinidad, for unknown reasons.
This deployment came as a reaction to known Ansar Al-Sharia plans to attack YLNG Company and its petrol stations in Belhaf using cars bombs, according to security sources in Shabwa.
YLNG director-general Francois Rafin says from 2011, exports will average 100-150 shipments per annum, with the first cargo having left Balhaf in November 2009 for Kogas under a long-term contract.
However, a final investment decision of YLNG was taken by Total and the other shareholders in late August 2005 and the main engineering, procurement and construction (EPC) contract packages, covering the pipelines and liquefaction trains, had been awarded (see OMT No.
The non-associated gas reserves of both Blocks 18&5 are said to total 18 TCF and feed the Total-led YLNG export venture for more than 25 years (see below).
The YLNG confirmed in a press release on its website that the attack "caused no victims, but production has stopped.
The MoU was signed by Shabwa governor Ali al-Ahmadi and the General Director of YLNG FranE*ois Rafan.
6/mmBtu in 2008, returns on YLNG may prove lower than the project's partners, and no doubt the government, would have hoped.
The project, the biggest project undertaken in Yemen, has been delayed since 1995 when YLNG was established.