CNG JOINS GULF DEEPWATER GAS PROJECT

CNG Producing Co., New Orleans, has joined a group of companies led by Shell Offshore Inc. to develop the deepwater Popeye gas reservoir on Green Canyon Block 116 Unit in the Gulf of Mexico. Popeye will be the deepest water gas field development to date in the Gulf of Mexico, CNG and Shell said. Under an agreement disclosed last week, CNG will acquire half of operator Shell's 75% interest in Popeye by participating in development of the field, which lies 2,000 ft of water about 140 miles