Nexen
Encyclopedia
Nexen Inc. is an energy company based in Calgary
, Alberta
, Canada
.
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. Essentially, it was created to get around rules that hampered American oil companies' operations in Canada.
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. 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 in recognition of the fact that Occidental no longer held a significant portion of the company.
, Canada (including the Athabasca Oil Sands
through their 7% ownership of Syncrude
and their Long Lake project with OPTI Canada
), the North Sea
, the Gulf of Mexico
, Colombia
, the Buzzard oilfield
(offshore UK) and offshore West Africa
.
The Buzzard Oil Field was originally developed by EnCana and the project was bought by Nexen.
Nexen also has operations in northern British Columbia (Canada).
in the Athabasca Oil Sands, a joint venture of Nexen Inc. and OPTI Canada Inc., 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 OPTI have a 65/35 split in all project production and operating costs. The estimated synthetic crude oil production for the Long Lake project is estimated at 60,000 bbls/d before royalties with a 70000 oilbbl/d expansion in the works. External estimates place the approximate reserves at the Long Lake site at 2 Goilbbl.
In January 2009 Nexen Inc. purchased an additional 15% share in the Long Lake Project and any future expansions, in turn becoming sole operator of the SAGD facility as well as the Upgrader.
Calgary
Calgary is a city in the Province of Alberta, Canada. It is located in the south of the province, in an area of foothills and prairie, approximately east of the front ranges of the Canadian Rockies...
, Alberta
Alberta
Alberta is a province of Canada. It had an estimated population of 3.7 million in 2010 making it the most populous of Canada's three prairie provinces...
, Canada
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
.
History
Los Ángeles
Los Ángeles is the capital of the province of Biobío, in the commune of the same name, in Region VIII , in the center-south of Chile. It is located between the Laja and Biobío rivers. The population is 123,445 inhabitants...
-based oil company. Essentially, it was created to get around rules that hampered American oil companies' operations in Canada.
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. 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
Saskatchewan New Democratic Party
The Saskatchewan New Democratic Party is a social-democratic political party in the Canadian province of Saskatchewan. It currently forms the official opposition, but has been a dominant force in Saskatchewan politics since the 1940s...
Premier Allan Blakeney
Allan Blakeney
Allan Emrys Blakeney, PC, OC, SOM, QC, FRSC was the tenth Premier of the Canadian province of Saskatchewan from 1971 to 1982, and leader of the Saskatchewan New Democratic Party .-Life and career:...
, Saskoil was later privatized by Progressive Conservative
Progressive Conservative Party of Saskatchewan
The Progressive Conservative Party of Saskatchewan is a right-of-centre political party in the Canadian province of Saskatchewan. Prior to 1942, it was known as the Conservative Party of Saskatchewan. Members are commonly known as Tories....
Premier Grant Devine
Grant Devine
Donald Grant Devine was the 11th Premier of Saskatchewan from May 8, 1982 to November 1, 1991.- Early life :Born in Regina, Saskatchewan, he received a B.Sc. in Agriculture degree specializing in Agricultural Economics in 1967 from the University of Saskatchewan, an M.Sc. specializing in...
.
In 2001 the name was changed to Nexen Incorporated in recognition of the fact that Occidental no longer held a significant portion of the company.
Energy Operations
Nexen has interests in YemenYemen
The Republic of Yemen , commonly known as Yemen , is a country located in the Middle East, occupying the southwestern to southern end of the Arabian Peninsula. It is bordered by Saudi Arabia to the north, the Red Sea to the west, and Oman to the east....
, Canada (including the Athabasca Oil Sands
Athabasca Oil Sands
The Athabasca oil sands are large deposits of bitumen, or extremely heavy crude oil, located in northeastern Alberta, Canada - roughly centred on the boomtown of Fort McMurray...
through their 7% ownership of Syncrude
Syncrude
Syncrude Canada Ltd. is the world's largest producer of synthetic crude oil from oil sands and the largest single source producer in Canada. It is located just outside Fort McMurray in the Athabasca Oil Sands, and has a nameplate capacity of of oil, equivalent to about 13% of Canada's consumption...
and their Long Lake project with OPTI Canada
OPTI Canada
OPTI Canada is a Calgary, Alberta based oil sands development company. Established in 1999, its sole project is the Long Lake oil sands project, of which it owns 35%. The remaining 65% is owned by project operator Nexen Inc.-History:...
), the North Sea
North Sea
In the southwest, beyond the Straits of Dover, the North Sea becomes the English Channel connecting to the Atlantic Ocean. In the east, it connects to the Baltic Sea via the Skagerrak and Kattegat, narrow straits that separate Denmark from Norway and Sweden respectively...
, the Gulf of Mexico
Gulf of Mexico
The Gulf of Mexico is a partially landlocked ocean basin largely surrounded by the North American continent and the island of Cuba. It is bounded on the northeast, north and northwest by the Gulf Coast of the United States, on the southwest and south by Mexico, and on the southeast by Cuba. In...
, Colombia
Colombia
Colombia, officially the Republic of Colombia , is a unitary constitutional republic comprising thirty-two departments. The country is located in northwestern South America, bordered to the east by Venezuela and Brazil; to the south by Ecuador and Peru; to the north by the Caribbean Sea; to the...
, the Buzzard oilfield
North Sea oil
North Sea oil is a mixture of hydrocarbons, comprising liquid oil and natural gas, produced from oil reservoirs beneath the North Sea.In the oil industry, the term "North Sea" often includes areas such as the Norwegian Sea and the area known as "West of Shetland", "the Atlantic Frontier" or "the...
(offshore UK) and offshore West Africa
West Africa
West Africa or Western Africa is the westernmost region of the African continent. Geopolitically, the UN definition of Western Africa includes the following 16 countries and an area of approximately 5 million square km:-Flags of West Africa:...
.
The Buzzard Oil Field was originally developed by EnCana and the project was bought by Nexen.
Nexen also has operations in northern British Columbia (Canada).
Long Lake
The Long Lake projectLong Lake (oil sands)
The Long Lake oil sands project is an in situ oil extraction project southeast of Fort McMurray in the Athabasca oil sands region of Alberta. The project is a joint venture between Nexen, with a 65% interest, and OPTI Canada, with the remaining 35%...
in the Athabasca Oil Sands, a joint venture of Nexen Inc. and OPTI Canada Inc., was initiated in 2001. It was started in order to develop the Long Lake site using Steam assisted gravity drainage
Steam assisted gravity drainage
Steam Assisted Gravity Drainage is an enhanced oil recovery technology for producing heavy crude oil and bitumen. It is an advanced form of steam stimulation in which a pair of horizontal wells are drilled into the oil reservoir, one a few metres above the other...
and the OrCrude Process for on-site upgrading. Nexen and OPTI have a 65/35 split in all project production and operating costs. The estimated synthetic crude oil production for the Long Lake project is estimated at 60,000 bbls/d before royalties with a 70000 oilbbl/d expansion in the works. External estimates place the approximate reserves at the Long Lake site at 2 Goilbbl.
In January 2009 Nexen Inc. purchased an additional 15% share in the Long Lake Project and any future expansions, in turn becoming sole operator of the SAGD facility as well as the Upgrader.