Sana'a: A meeting was held on Monday in Sana'a, chaired by the Minister of Oil and Minerals, Dr. Abdullah Al-Amir, to discuss the draft amendments to the international competition regulations in exploration sectors.
According to Yemen News Agency, the meeting included Deputy Minister of Oil Mohammed Al-Najjar, Undersecretary of the Ministry Nasser Al-Ajji, Chairman of the Oil Exploration and Production Authority Abdulaziz Al-Ghaffari, and CEO of Safer Company Eng. Idris Al-Shami. They reviewed the key proposed amendments to the regulations with the aim of creating a more conducive investment environment and enhancing the participation of local investors in exploration activities. This initiative is expected to contribute to revitalizing the oil sector and increasing national investment opportunities.
The participants also addressed mechanisms for simplifying procedures and strengthening transparency in tenders and competitions. Their focus was on ensuring optimal returns for the state and improving the efficiency of petroleum resource management.
The Oil and Minerals Minister emphasized the importance of developing regulatory frameworks in line with economic changes. He highlighted the need for achieving a balance between attracting foreign investment and enabling local investors to effectively engage in exploration and production projects.