Energy Industry Helps Drive Economic Growth

Energy is the lifeblood of any economy. It’s what heats our homes, fuels our vehicles, powers our factories — and generates the jobs and economic growth that shape the quality of our lives.

Global energy demand is projected to grow by more than one-third by 2035 and fossil fuels are expected to remain a dominant part of the world’s energy mix. Nexen is in the business of responsibly producing oil and natural gas to help meet this demand. We are now a wholly-owned subsidiary of CNOOC Limited. This puts us in an even stronger position to develop our assets and pursue growth opportunities in a way that generates far-reaching economic benefits including direct and indirect job creation, goods and services contracting, the payment of taxes and royalties, and community.

A Growing Investment in Our Energy Future

Future investments are primarily targeted to fund growth as we move ahead with several major projects, including:

  • Continuing to add production in the UK North Sea — including our Golden Eagle Area Development, with first oil on October 30, 2014 marking the first day of a 25-year lifespan for the field.
  • Expanding bitumen production from our Long Lake, Alberta, Canada, oil sands lease, along with accelerated development of the nearby Kinosis lease, as part of a plan to operate our Long Lake upgrader at full capacity.
  • Continuing to ramp up production at Usan, while also identifying other expansion opportunities in offshore Nigeria.
  • Advancing exploration projects, including promising joint venture projects at the Appomattox and Stampede fields in the deepwater Gulf of Mexico.