YICOM was established in Yemen as the first company to
work in the field of oil and gas exploration and production. Due to the economic
importance of YICOM, and for the purpose of realizing its objectives it was
given by the law of its establishment a number of privileges, Such as:
▪ The company has legal and juridical personality.
▪ Enjoys complete financial and administrative autonomy.
▪ Has the right to participate with capitals wholly owned
by it or participate in companies.
▪Has the right to establish companies, with capitals
wholly owned by it or participate in companies.
It was entrusted to the company the responsibilities to explore and exploit
block-5 and block-4,and due to the small capital of establishment that would not
assist it to take the risk to carry out the exploration work directly, the
company made all of it's efforts to find investors to carry out the exploration
and development work, as a result of those effort the company (representing the
Ministry of Oil and Minerals) in turn was able to sign a production sharing
agreement (PSA) in Block-5 on 13th of March,1990 to invest in Block-5 (Jannah)
with a number of international oil companies (HUNT, EXXON, TOTAL, KUFPEC and
GREECE RUSSIAN COMPANIES, NEWCO).
After the PSA signature the operator started the exploration work, which
resulted in the discovery of Halewah, Dhahab, Al-Nasr, Aser, and Jannah fields.
After the establishment of the Yemen General Oil and Gas Corporation in 1996,
YICOM became one of it's subsidiary companies.