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Nexen plans for flat production, increased spending in 2012
Reconsiders future in Yemen after PSA rejection
Nexen Inc. expects its production to stay relatively steady next year in the range of 185,000-220,000 boe/d. 180,000-215,000 boe/d after royalties. Production for 4Q11 to date has averaged about 203,000 boe/d, with year-to-date production averaging ~206,000 boe/d. Capital spending for 2012 is budgeted at $2.8-3.2 billion compared with ~$2.6 billion in 2011. Spending for next year will be targeted at advancing development projects and boosting production from Usan, Long Lake and Golden Eagle. Bu...
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