Monday, December 5, 2011

Nexen, CNOOC enter into joint venture in Gulf of Mexico

EBR Staff Writer Published 01 December 2011

Canada-based energy company Nexen has entered into a joint venture (JV) with oil and gas firm CNOOC in the Gulf of Mexico.

The move will give CNOOC a working interest in up to six deepwater exploration wells, including the Kakuna and the Angel Fire wells. in the Gulf.

CNOOC will participate in Kakuna, Angel Fire and Cypress with a 20% working interest and may also participate in three additional exploration wells with a 10% to 25% interest.

Nexen said that the JV does not include any interest in its Appomattox discovery or related Norphlet formation prospects.

Nexen president and CEO Marvin Romanow said the company's strategy in the Gulf of Mexico is to mature prospects at a high working interest, and then utilize joint venture deals to reduce its interest to the target level of 25%-30%, while recognizing the potential of its exploration portfolio.

Drilling on the Kakuna well on Green Canyon block 504 is in progress, while drilling on the Angel Fire well on Green Canyon block 327 is expected to begin in 2012.


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