Nexen plans large Yemen program in 2005

Nexen Inc., Calgary, plans to expand activity on Block 51 in Yemen as part of a company-wide $2.6 billion capital budget, up 27% from 2004 outlays.The budget for Block 51 is $200 million in 2005, up from $125 million in 2004.Nexen said its progress on Block 51, where it has an 87.5% working interest, should allow overall Yemen volumes to continue unchanged in 2005 from 2004 despite a production decline on the adjacent Masila block.The company said it expected to have produced 80% of Masila's expected ultimate reserves by the end of 2004. Nexen expects to recover more than $1 billion more before expiration of the primary term of its production sharing contract in 2011.Nexen has the rig...

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