Acquisitions & Divestitures

Nexen Inc., Calgary, (TSX, NYSE: NXY) has concluded a joint venture with CNOOC Limited in the Gulf of Mexico.

The joint venture will give CNOOC Limited a working interest in up to six deepwater exploration wells in the Gulf. Among the prospects included in the deal are the Kakuna well, which is currently drilling, and the Angel Fire well, which is expected to spud in 2012. CNOOC Limited will participate in Kakuna, Angel Fire, and Cypress with a 20% working interest. CNOOC Limited may also participate in three additional exploration ...