Wednesday, April 11, 2012

WB Warns Yemen Oil to Deplete In 12 Years, Water In 20 Years

April 11, 2012                    
The World Bank has said Yemen's oil reserves will deplete in almost 12 years and its water reserves in 20 years.
In a recent report by its Sanaa office, the Bank said, with the current daily oil production, about 270.000 barrels, taken into account, Yemen's oil reserves suffice for 10-12 years at a time when the oil revenues make up about 90 percent of the state budget.
However, according to recent local studies, only 15 percent of Yemen's land has been surveyed which means there are oil basins yet to be discovered if the government tries to develop the energy sector.
Currently, Yemen produces oil only from two basins: the Marib-Shabwa basin and the Masila basin amid persistent attacks by tribesmen against oil and gas pipelines causing financial problems and fuel crises due to production interruptions.
The report said over 47% of Yemen's population live on only $ 2 dollars a day and the poverty rates have increased by 10% due to the global food and energy crises.
When it comes to the water issue, the Bank said only 36% of Yemen's people have access to safe drinking water and, because of water problems, about 46% of the country's children below five suffer from underweight due to malnutrition.
The groundwater resources in urban areas such as the capital Sanaa face depletion threats in the 20 years to come, it added.
The report also highlighted the alarming population growth in the country which increases by 3% a year and the soaring unemployement rates.
Source: Yemen Post

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