Canada’s Nexen Inc. added 26 million barrels of proved reserves to its production levels from its operations in Yemen, replacing 60 percent of production. The company also added 36 million barrels of probable reserves.
Nexen’s proved undeveloped reserves remain under 20 percent of total proved reserves. Over one-third of these are in Yemen where low-risk infill and delineation drilling is expected to continue for several years.
Operating in Yemen since 1987, the Calgary-based Nexen derives over 50 percent of its overall oil production from the Masila Block in central Yemen. In mid-2002, production at the 14 Masila fields averaged 227,000 barrels of oil equivalent per day (bopd). Nexen is the operator of the Masila Project and has a 52 per cent working interest. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
