Oil Companies Begin to Give Up on Yemen

News article, posted 03.07.2015, from Sanaa, Yemen, in:
Author: 
Summer Said and Hakim Al Masmari
The political upheaval in Yemen has dealt a powerful blow to the country’s oil industry, forcing companies to abandon productive oil patches and evacuate staff as a rebel group consolidates power. Houston-based Occidental Petroleum Corp. , which has been operating in Yemen for nearly three decades, flew its staff out of the country in January, executives and local officials said, after gunmen stormed its compound in the capital, San’a, where Houthi militants have tightened their grip on power. Since then, executives and local officials said Nexen Inc.—owned by China’s Cnooc Ltd. —Norway’s DNO AS A and Dove Energy Group of Dubai are all moving to relinquish their rights to blocks that produce thousands of barrels of crude a day.