French energy giant Total announced on Monday that the company will stop its oil operations in Yemen by the end of the 2015.
According to the company's release, Total will leave its Serit 10 oil field in the mid-eastern Hadramaut state of Yemen on Dec. 31 which will then be handed over to the Yemeni oil ministry.
After Total's withdrawal, employee contracts will be terminated. However, the company proclaimed that it will cooperate with the Yemeni government to reemploy workers who lost their jobs.
Total's oil production decreased by more than 87 percent from 80 thousand barrels per day to 10 thousand barrels per day in the country.
Total, the fourth-biggest western oil company in the world has been present in the Yemen since the 1980's.
French oil giant, like some other international energy giants, have cut their capital expenditure for 2015 due to falling oil prices. The company also reported the laying off of 2,000 jobs worldwide during 2015 out of its 100,000 employees.
Reporting by Zeynep Tufekci
Writing by Muhsin Baris Tiryakioglu
Anadolu Agency
muhsin.tiryakioglu@aa.com.tr