The minister said that ongoing exploration is promising and Yemen has just explored 20 percent of its potential. He highlighted the fact that new oil discoveries recently in Hadramout, Shabwa and Marib are indicative of the way forward for the country.

Al-Aidaroos blasted the allegations that Yemen oil stock is running low and called it canard. "An international organization forecasted that Yemen would import oil in 2010 and another one said that block 18 would dry out in 2005. But despite their predictions, the block is producing 25,000 barrels daily and the production is on the up and up," he said.

He also blamed the fluctuation of production on some technical problems. Though the production over the years has been varying, the reason for the different levels of production is largely due to energy and on-site issues. "But the sector is still a promising one for investors, and I call on all to avail this opportunity in Yemen," he said.

Pipelines in the oil-rich districts like Marib and Shabwa have become a target for Al-Qaeda and tribesmen fighting the government "I do think that the sabotage by the tribals had an impact on oil production. Without a safe and stable environment, oil production will not develop," he added.

Al-Aidaroos maintained that the giant gas Balhaf project will have a positive impact on the Yemeni economy. "It won't bring revenues from the first year because we have to repay the loans. We expect to make approximately $50 billion in the next 25years."