By OGJ editors
HOUSTON, Dec. 13 -- Nexen Inc. plans a record $2.9 billion (Can.) in capital projects in 2006 with 45% of it allocated for major development projects. The 2006 plan is $100 million more than the 2005 budget.
Nexen plans to spend $650 million next year at its Long Lake steam-assisted gravity drainage heavy oil project in Alberta.
At Buzzard oil field in the UK North Sea, Nexen anticipates spending $450 million to drill and complete eight production and six injection wells and to complete and tie in all facilities. Buzzard is on schedule to commence production in late 2006 (OGJ Online, Apr. 27, 2005).
Nexen plans to invest $50 million to complete and commission its share of the Syncrude Stage 3 oil sands mining expansion, which is to come on stream in mid-2006. The Fort McMurray, Alta., project involves a consortium of companies operated by Syncrude Canada Ltd.