An aerial view of a drilling rig in the Gulf of Mexico.

Demonstrating Success

In November 2014, CNOOC Nexen Petroleum Guyana Limited acquired a 25 per cent equity share in the Stabroek License offshore Guyana. In May 2015, our operating partner Exxon Mobil announced a significant oil discovery located approximately 193 kilometres (120 miles) offshore Guyana in 1,743 metres (5,718 feet) of water. In early 2016, Wood Mackenzie announced that this was the world’s largest oil discovery in 2015.

Atlantic Canada
Nexen successfully entered offshore Newfoundland and Labrador with the acquisition of one of the most sought after blocks in the 2015 Flemish Pass license round. Nexen was awarded a second adjacent block in the 2016 license round. These blocks lie in an emerging play with existing discoveries and will provide Nexen a foundation for building a long term, sustainable business in the region.

West Coast Ireland
In early 2016, Nexen was awarded four licenses in the Irish Atlantic Margin license round, offshore Western Ireland. The four licenses, covering about 4,500 square kilometres and comprising 23 blocks and partial blocks, were awarded to Nexen the operator with 100 per cent equity. Winning these licenses represents Nexen’s successful entry into the South Porcupine Basin. These licenses lie in an emerging play comparable to the Flemish Pass Basin offshore Newfoundland.

CNOOC Limited Assets
Nexen also manages exploration interests on behalf of CNOOC Limited: a 60% equity interest in Northern Cross (Yukon) Ltd., which operates exploration permits in the Yukon in northwestern Canada; and working interests in four Statoil-operated offshore oil exploration prospects in the Gulf of Mexico — 10% interests in Krakatoa, Logan and Cobra and 20% in Tucker.