Nexen Signs Collaboration Agreement with Pemex

Nexen signs a collaboration agreement with Pemex for resource development in areas of research, training and oil and gas exploration and production, particularly offshore deepwater and coal bed methane.

"This is an important step in furthering our relationship with Pemex and in helping to advance its resource development for the Mexican people," commented Charlie Fischer, Nexen's President and Chief Executive Officer. "We are proud to be the first Canadian energy company to sign this type of agreement."

"It is very gratifying to have worked with Pemex towards the conclusion of this important agreement that will benefit all parties," added Dwain Lingenfelter, Vice President of Government Relations, who was in Mexico City to sign the agreement on behalf of Nexen.

"Sharing experience about exploration and production practices is extremely valuable to us in determining new strategies for resource development," stated Pemex.

"The signing of this extremely important agreement between Pemex and Nexen is living proof of the outstanding level of friendship, collaboration, and partnership with Canada and its private sector," says His Excellency Emilio Goicoechea, Mexican Ambassador to Canada.

Nexen Inc. is an independent, Canadian-based global energy company, listed on the Toronto and New York stock exchanges under the symbol NXY. We are uniquely positioned for growth in the North Sea, deep-water Gulf of Mexico, the Athabasca oil sands of Alberta, the Middle East and offshore West Africa. We add value for shareholders through successful full-cycle oil and gas exploration and development and leadership in ethics, integrity and environmental protection.