Canada's Nexen focused on expanding oil production

11/19/2001
Nexen Inc. of Calgary plans to double in size in 5 years through aggressive use of the drillbit on a 37-million-acre international land inventory. Nexen Inc. Pres., CEO Charlie Fischer: "We think the deepwater [Gulf of Mexico] is where the shelf was in the mid-1960s in terms of its maturity. There is huge potential sitting right next to the largest energy consumer in the world."Click here to enlarge imageCEO and Pres. Charlie Fischer said he would maintain the company's overall profile as an oil company, keeping 80% of production in oil and 20% in natural gas. The Nexen balance in North America is 60% oil and 40% gas. Oil-based strategyNexen, formerly Canadian Occidental Petroleum ...
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