The Norwegian oil and gas company DNO yesterday said that it had suspended production in Yemen because of the continuing deterioration of security conditions.
DNO, 42.8 per cent owned by RAK Petroleum, said that expatriate employees have been relocated to Dubai. “The company continues to monitor the situation closely and has initiated plans to secure its facilities and remove non-essential staff,” DNO said.
Its Yemen troubles adds to the company’s other woes, with DNO’s share price declining by 43 per cent since early February alone as it struggles to get back payments owed, especially from the Kurdish Regional Government.
DNO’s shares were down 0.79 Norwegian krone late in the UAE on Tuesday at 10.40 krone.
DNO is not alone in pulling out of Yemen. On Monday, Total of France, the largest operator in the war-torn Yemen, operating several fields and a liquefied natural gas terminal at Balhaf, said it had evacuated all expatriate staff from Sanaa and Kharir but was maintaining LNG production and exports via Balhaf.
Total had previously said that operations on its Block 10 in Yemen had been cut, with gas production maintained only for local power generation.
amcauley@thenational.ae
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