Nexen to Sell Heavy Oil Assets...

Mar 30, 2010 Full story: BusinessWeek

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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Alan C

Canada

#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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