Nexen Inc.

Title: Nexen Inc.
Category: Energy
Clicks: 4
Added on: Nov 26, 2011
Nexen Inc. is a Calgary-based energy company, listed on NYSE and TSX under the symbol NXY. The company was created in 1969 and named Canadian Occidental Petroleum, with the oil company Occidental Petroleum having an 80 percent interest in it. While it operated mostly in Canada during the first decade, CanOxy increased the number of its international holdings to the Gulf of Mexico, and other places during the 1980s and 1990s. It acquired Canadian assets as well. The name of the company was changed to Nexen Incorporated in 2001. Today, the company has interests in the North Sea, offshore West Africa, Colombia, and others places.

The company specializes in shale gas, oil sands, conventional oil and gas, and energy marketing. Athabasca oil sands is a hydrocarbon basin, and it is the third largest in the world. The company aims to develop this resource in a responsible and economical way as to deliver stable growth. Nexen Inc makes use of upgrading and steam-assisted gravity-drainage technology as to produce synthetic gas. Thus, the need to buy natural gas is significantly reduced. The company also aims to maximize the utilization of its upgrader capacity and increase the production of bitumen. Nexen Inc has a 7.23 interest in the Syncrude project, a joint venture that was created in 1975. The extraction facilities produce bitumen and oil sands by separating bitumen from oil sands. Syncrude is shipping synthetic crude oil by Alberta Oil Sands Pipeline to Edmonton since the start of operations in 1978.

Nexen Inc began to acquire large blocks of low-cost, high-quality land in the Horn River Basin in 2006. This is a prospective gas field in the northeast part of British Columbia. The company also purchased acreage in the Liard and Cordova basins found nearby, bringing its land position to a total of about 300,000 acres.

The marketing strategy of the company aims to optimize its contracts and physical assets and capitalize on the existing oil market opportunities. The main competitors of Nexen Inc are Hunt Consolidated Inc., Canadian Natural Resources Limited, and Apache Corporation, among others.
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