Nexen
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| Type | Public |
|---|---|
| Traded as | TSX: NXY NYSE: NXY |
| Industry | Oil and Gas, Energy |
| Founded | Canada (July 12, 1971) |
| Headquarters | Calgary, Alberta, Canada |
| Revenue | $7.2 billion CAD (2010)[1] |
| Net income | $1.2 billion CAD (2010)[1] |
| Total equity | $8.7 billion CAD (2010)[2] |
| Employees | 3,800 (2010)[2] |
| Website | www.nexeninc.com |
Nexen Inc. (TSX: NXY, NYSE: NXY) is an oil and gas company based in Calgary, Alberta, Canada.
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[edit] History
Nexen started in 1969 under the name "Canadian Occidental Petroleum Ltd.", aka CanOxy, and was 80% owned by Occidental Petroleum, a Los Angeles-based oil company.
In the first decade of its existence, CanOxy was fairly Canadian-oriented. During the '80s and '90s they increased their international holdings, first in the Gulf of Mexico, then into places like Yemen and the UK North Sea. Further Canadian assets were also acquired.
In the 1990s, Nexen, then known as CanOxy, purchased the assets of what once was the first state owned oil and gas company in North America; Wascana Energy Inc., once known as SaskOil. Founded by Saskatchewan New Democratic Party Premier Allan Blakeney, Saskoil was later privatized by Progressive Conservative Premier Grant Devine.
In 2001 the name was changed to Nexen Incorporated.
[edit] Energy Operations
Nexen has interests in Canada (including the Athabasca Oil Sands through their 7.23% ownership of Syncrude and their Long Lake project with CNOOC), the UK North Sea, the Gulf of Mexico, Colombia and offshore West Africa.
[edit] Long Lake
The Long Lake project in the Athabasca Oil Sands, a joint venture of Nexen Inc. and CNOOC, was initiated in 2001. It was started in order to develop the Long Lake site using steam assisted gravity drainage and the OrCrude Process for on-site upgrading. Nexen and CNOOC have a 65/35 split in all project production and operating costs. The synthetic crude oil production capacity for Long Lake is 60,000 bbls/d. External estimates place the approximate reserves at the Long Lake site at 318,000,000 m3. Nexen is the operator of Long Lake.[3]
[edit] Power Marketing
The company also has a power division that buys and sells power.
[edit] References
- ^ a b "Nexen Inc. financials". Google Finance Canada. http://www.google.ca/finance?q=TSE:NXY&fstype=ii. Retrieved 2010-04-26.
- ^ a b "Nexen Inc. (Public, TSE:NXY)". Google Finance Canada. http://www.google.ca/finance?q=TSE:NXY. Retrieved 2010-04-26.
- ^ OPTI Canda Inc. (December 17, 2008). "OPTI Outlines Capital Expenditure Plans, Divests Long Lake Interest". News Release. RigZone. http://www.rigzone.com/news/article.asp?a_id=70812. Retrieved 2009-03-02.
[edit] See also
[edit] External links
Coordinates: 51°2′47″N 114°4′47″W / 51.04639°N 114.07972°W
