Nexen, CNOOC Team Up in GOM JV



Nexen has concluded a joint venture with CNOOC Limited in the Gulf of Mexico. CNOOC will receive working interests in up to six deepwater exploration wells in the area, including a 20 percent working interest at the Kakuna, Angel Fire and Cypress wells. Angel Fire and Kakuna are both located in the Green Canyon area and Cypress is located in the Mississippi Canyon area.

CNOOC may also participate in three additional exploration wells with a 10 to 25 percent working interest, said Nexen. The deal does not include the Appomattox discovery or related Norphlet formation prospects.

The spud date for Angel Fire has been set for 2012 while the Kakuna well is currently being drilled by ENSCO 8502 (UDW semisub).

Ranked as one of the top leaseholders in the deepwater GOM, Nexen currently produces about 20,000 barrels of oil equivalent per day.



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