Nexen Reports Early Results of Yemen Block 51 Arbitration


Yemen, Block 51
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Nexen said that the International Court of Arbitration of the International Chamber of Commerce has released its partial award in a dispute regarding two small areas (the Heijah/Tawila Extension Lands) of the Nexen operated Block 51 in Yemen.

The award held that Nexen had breached an obligation to offer a subsidiary of Occidental Petroleum the right to acquire a 50-percent interest in these areas and that Oxy is entitled to monetary damages.

Damages will be determined during a second and final phase of the arbitration. Nexen said that the amount of damages cannot be reasonably estimated at this time. The company does not expect the resolution of the dispute to have a material adverse effect on its liquidity, consolidated financial position, or operations results.

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