As Nexen moves into 2010, the company's priorities include the ramp up of Long Lake, sanctioning its discoveries in the North Sea, the continued improvement of its Horn River shale gas returns, the development of its offshore Usan project and ongoing exploration in core areas.
Nexen'sstrategies are focused on oil sands, shale gas and conventional development and exploration in select basins. In 2010, the company plans to advance these strategies by investing $2.5 billion and growing production after royalties by approximately 4 to 6% assuming the midpoint of our guidance.
Highlights of the 2010 budget are as follows:
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