Nexen’s 2004 investment plan to step up activities in Yemen
Canadian energy company Nexen plans to drill at least 80 wells on the Masila Block in Yemen over course of 2004 and commence development on the Tammum field in Block 51. The plan is part of the firm’s $1.8 billion investment program for 2004, stated a press release.
Development of the 2003 Tammum discovery on Block 51, where Nexen holds an 87.5 percent working interest, will commence in 2004. Initial development of the field includes development wells, a central processing facility, a gathering system and tieback to the Masila export system.
Based on drilling results to date, Nexen expects to develop in excess of 40 million barrels of reserves and add between 20,000 and 25,000 barrels per day of production capacity in early 2005.
The field has additional potential that will be quantified by a 3D seismic program and delineation drilling in 2004. The company also plan to continue to explore the Block with seismic collection and at least 6 exploration wells.
Nexen is an independent global energy and chemicals company active in the Gulf of Mexico, the Athabasca oil sands of Alberta, the Middle East and West Africa. — (menareport.com)
© 2003 Mena Report (www.menareport.com)