An Abu Dhabi state firm says it will deepen ties to Yemen's oil industry as the Arab world's poorest country looks to boost output from its dwindling reserves. Abu Dhabi's Mubadala Development Company and the Yemen Company for Investments in Oil and Minerals said Sunday they signed a memorandum of understanding to share technical information and possibly cooperate on oil production projects.
The companies will consider both new investments and retooling or expanding existing production sites. Financial terms were not disclosed. Yemen relies heavily on oil revenues to pay for government services. The World Bank and others estimate its wells could run dry as early as 2017 unless new reserves are found.