Monday, March 21, 2011

Nexen reveals 2011 Corporate Strategy; Projected 7% production growth in 2011; Stick to three primary growth strategies – conventional offshore, oil sands and shale gas

Nexen prioritizes its 2011 activities that include a continued ramp up of Long Lake, completing the development of Usan discovery with first oil production in 2012, sanctioning discoveries, proceeding with the development of Horn River shale gas lands, securing a contract extension in Yemen and continuing with the implementation of the exciting global exploration program.

The company expects 2011 production volumes to range between 230–270 kboepd, before royalties and capital expenditure budget ranges between $2.4–2.7 billion.

Nexen’s diversified portfolio of exploration and production (E&P) assets provides the company with a multi-year inventory of development projects and a positive long-term production growth profile. It plans to deploy nearly 25% of total 2011 capital budget for the E&P program.

Nexen is primarily focused in the North Sea, deepwater Gulf of Mexico & offshore West Africa. The company projected 7% production growth in 2011.

Recently, Nexen initiated a process to seek a joint venture partner for various portions of the company’s northeast British Columbia shale gas acreage.

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