Printer Friendly

CMS ENERGY'S NOMECO UNIT ACQUIRES INTEREST IN YEMEN EXPLORATION AREA

 DEARBORN, Mich., Nov. 16 /PRNewswire/ -- CMS Energy Corporation (NYSE: CMS) today announced that its oil and gas exploration and production unit, NOMECO Oil & Gas Co., has entered into an agreement with two Australian companies to form a new company to acquire all the stock of Pecten Yemen Company, an affiliate of Shell Oil Company. Pecten Yemen's only asset is a 28.57 percent working interest in the East Shabwa Contract Area in Yemen. NOMECO will own 15 percent of the stock of the newly formed company, subject to increase depending on certain events.
 The East Shabwa Contract Area covers about 1.9 million acres and lies directly west of the Masila Block where exploration over the last several years has discovered recoverable oil reserves in excess of 300 million barrels.
 The operator of the East Shabwa Contract Area is Total Aden Exploration and Production. Other members of the joint venture holding the block are Union Oil Company of California, Kuwait Foreign Petroleum Exploration, and Pecten Yemen, the company that NOMECO, Command Petroleum Holdings N.L. and Coplex Resources N.L. will acquire.
 The Contract Area contains two oil fields discovered in 1993 and recently declared commercial. Production is expected to commence in January 1995 following implementation of a multi-phased development program.
 The East Shabwa Block is considered to have significant potential for the discovery of additional oil reserves. Accordingly, over the next two years the joint venture will conduct an exploration program involving the acquisition of at least 500 kilometers of additional seismic data and the drilling of at least two exploratory wells.
 NOMECO is among the USA's 50 largest independent oil and gas companies in production and reserves. It is engaged in exploration and/or production activities in seven states and internationally in nine countries.
 CMS Energy Corporation is a $3.4 billion (sales) diversified energy company with businesses engaged in electric and natural gas utility operations; independent power production; interstate storage, transmission and marketing of natural gas; oil and gas exploration and production, and utility services. CMS Energy Corporation's principal subsidiary is Consumers Power Company, Michigan's largest utility and the nation's fourth largest gas and electric utility.
 -0- 11/16/93
 /CONTACT: Kelly M. Farr of CMS Energy, 313-436-9253/
 (CMS)


CO: CMS Energy Corporation; NOMECO Oil & Gas Co. ST: Michigan IN: OIL UTI SU: TNM

KE -- DE008 -- 4954 11/16/93 09:53 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 16, 1993
Words:396
Previous Article:BASEBALL WEEKLY ANNOUNCES ANNUAL AWARD WINNERS OF BASEBALL WEEKLY NINES
Next Article:STONE, AUGUST, BAKER COMMUNICATIONS FORMS NEW DIVISION; APPOINTS BARBARA 'BUNNY' GOLDMAN KRATCHMAN VICE PRESIDENT
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters