Nexen to Sell Heavy Oil Assets...
Nexen Inc., the Canadian oil company formed by Occidental Petroleum Corp., is selling assets in Western Canada capable of producing 15,000 barrels of oil equivalent day.
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#1 Apr 2, 2010
Excerpt from page 11 of Nexen's 2009 Annual Report: "The oil sands is our ticket to a steady stream of high-value, reliable, annuity-type cash-flow for many decades to come". So what changed in 3 months? Could it be the cost of production at Long Lake is too high? The gasification technology is claimed to work - obviously at a price! Could it be that the steam/oil ratio is much higher than planned?
Whatever the reason, cheers to Nexen for pulling the plug --- the cash will come in handy for the new Gulf find!
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