Upstream return looks optimistic given lack of access to export outlets.

With the third anniversary of the Saudi campaign against Iran-affiliated Houthi militants in Yemen the conflict looks ever more like a gory stalemate (MEES, 27 October 2017). With violence now largely confined to the Houthi-controlled western highlands and a few flashpoints on the front (see map), risk-tolerant IOCs are increasingly willing to contemplate re-entry.

Austria’s OMV last month sent a team, including...