Nexen Opens Wallet for Nigeria

Thursday, December 6, 2007

Nexen reported that over 2008 it plans to spend $2.4 billion on value-adding projects around the world. In Africa, the company’s Nigerian asset will see some of that money.

According to the company its Usan development on OPL-222 offshore Nigeria will see about $165 million. The project will have the ability to process an average of 180,000 bpd of oil during the initial production plateau period through a new FPSO which will have two million barrels of storage capacity.

Once the Usan development is formally sanctioned, the major deep-water facilities contracts will be awarded. Nexen has a 20% interest in the exploration and development contract for OPL-222.

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