OUR PEOPLE

Click on the thumbnails below to find out what it's like to work on the Long Lake Project.

Legal notice

This site is owned and operated by Nexen Inc. By using this site, you agree to the following terms and conditions.

Website Protected by Copyright and Trademark
All material on this website is protected by copyright. The material may be used and copied for non-commercial, personal or educational purposes, provided that this material is not modified and that copyright or trademark notices are not deleted. Any other use of this material without Nexen Inc.'s written permission is prohibited.

Except as otherwise noted, the trademarks and logos displayed on this website belong to Nexen Inc. and may not be used without Nexen Inc.'s written permission. Written permission is also required to use any third party trademark displayed on this website.

Website is Provided as a Service Only
This website is not intended as a solicitation or offering of securities in any jurisdiction. The information on this website is not intended to modify, qualify, supplement or amend information disclosed under corporate and securities legislation of any jurisdiction applicable to Nexen Inc. and should not be used for the purpose of making investment decisions concerning Nexen Inc. securities. Printed copies of public disclosure documents may be obtained from Investor Relations at Nexen Inc.

Currency of Website
Nexen Inc. updates the information on this website regularly. However, Nexen Inc. cannot guarantee the accuracy, currency or completeness of the information at all times.

Nexen Inc. Not Responsible for Linked Websites
Nexen Inc. provides links to third party websites for your convenience only and the inclusion of these links does not imply that Nexen Inc. monitors or endorses these websites. Accordingly, Nexen Inc. accepts no responsibility for such websites.

Nexen Inc. Not Responsible for Internet Software or Computer Viruses
Due to technical difficulties inherent in the Internet, Internet software or transmission problems could produce inaccurate or incomplete copies of information contained on this website. Computer viruses or other destructive programs may also be inadvertently downloaded from the website. Nexen Inc. shall not be liable for Internet software, computer viruses or destructive programs and recommends that you install appropriate anti-virus or other protective software.

Exclusion of Liability
Nexen Inc. shall not be liable for any claims, expenses, damages (including direct, indirect, special or consequential damages), loss of profits, opportunities or information arising from:

the use of or reliance on information contained in this website;
any inaccuracy or omission in such information or failure to keep the information current;
use of any third party websites linked to this website;
any Internet software used in connection with this website or computer viruses or other destructive programs encountered as a result of using this website; and
any other matter connected with this website; even if Nexen Inc. is made aware of the possibility of such claims, expenses, damages or losses.

Internet E-Mail
Please feel free to e-mail Nexen Inc. at ir@nexeninc.com. Please be aware, however, that the Internet is not a fully secure medium and any communication may be lost, intercepted or altered. Nexen Inc. is not liable for any damages related to communications to or from this website. You agree with respect to any information provided to Nexen Inc. through this website that:

Nexen Inc. has no obligation concerning such information;
the information is non-confidential;
Nexen Inc. may use, disclose, distribute or copy the information and may use any ideas, concepts or know-how contained in the information for any purpose; and;
the information is truthful and disclosure of the information does not violate the legal rights of others.

Forward-Looking Statements
Certain statements on this website constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended. Such statements are generally identifiable by the terminology used such as "plan", "expect", "estimate", "budget", "outlook" or other similar words, and include statements relating to future production associated with our Coalbed Methane, Aspen, Long Lake, North Sea, West Africa and other projects.

The forward-looking statements are subject to known and unknown risks and uncertainties and other factors which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such statements. Such factors include, among others: market prices for oil and gas and chemicals products; the ability to explore, develop, produce and transport crude oil and natural gas to markets; the results of exploration and development drilling and related activities; foreign-currency exchange rates; economic conditions in the countries and regions where Nexen carries on business; actions by governmental authorities including increases in taxes or royalties, changes in environmental and other laws and regulations; renegotiations of contracts, results of litigation, arbitration or regulatory proceedings; and political uncertainty, including actions by terrorists, insurgent or other groups or other armed conflict, including conflict between states. The impact of any one factor on a particular forward-looking statement is not determinable with certainty as such factors are interdependent upon other factors, and management’s course of action would depend on its assessment of the future considering all information then available. Any statements as to possible future prices, future production levels, future cost recovery oil revenues from our Yemen operations, future capital expenditures and their allocation to exploration and development activities, future asset dispositions, future sources of funding for our capital program, future debt levels, future cash flows, future drilling of new wells, ultimate recoverability of reserves, expected finding and development costs, expected operating costs, future demand for chemicals products, future expenditures and future allowances relating to environmental matters and dates by which certain areas will be developed or will come on stream, and changes in any of the foregoing are forward-looking statements.

Although we believe that the expectations conveyed by the forward-looking statements are reasonable based on information available to us on the date such forward-looking statements were made, no assurances can be given as to future results, levels of activity and achievements. Readers should also refer to Items 7 and 7A in our current Annual Report on Form 10-K for further discussion of the risk factors.

Cautionary Note to U.S. Investors – The United States Securities and Exchange Commission (SEC) permits oil and gas companies, in their filings with the SEC, to discuss only proved reserves that are supported by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. On this website, we may refer to "recoverable reserves", "probable reserves" and "recoverable resources" which are inherently more uncertain than proved reserves. These terms are not used in our filings with the SEC. Our reserves and related performance measures represent our working interest before royalties, unless otherwise indicated. Please refer to our current Annual Report on Form 10-K available from us or the SEC for further reserve disclosure.

In addition, under SEC regulations, the Syncrude oil sands operations are considered mining activities rather than oil and gas activities. Production, reserves and related measures in this release include results from the Company’s share of Syncrude.

Special Note to Canadian Investors - Nexen is a U.S. Securities and Exchange Commission (SEC) registrant and a Form 10-K and related forms filer. Therefore, our reserves estimates and securities regulatory disclosures generally follow SEC requirements.

In 2003, Canadian regulatory authorities adopted National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities (NI 51-101) which prescribe that Canadian companies follow certain standards for the preparation and disclosure of reserves and related information. We have been granted the following exemptions permitting us to:

substitute our SEC disclosures for much of the annual disclosure required by NI 51-101;
prepare our reserves estimates and related disclosures in accordance with SEC requirements, generally accepted industry practices in the US as promulgated by the Society of Petroleum Engineers, and the standards of the Canadian Oil and Gas Evaluation Handbook (COGE Handbook) modified to reflect SEC requirements;
dispense with the requirement to have our reserves estimates and the Standardized Measure of Discounted Future Net Cash Flows and Changes Therein, included in the Supplementary Financial Information, evaluated or audited by independent qualified reserves evaluators; and
not disclose certain prescribed information pertaining to prospects if such disclosure would result in the contravention of a legal obligation, would likely be detrimental to our competitive interests or the information does not exist.

As a result of these exemptions, Canadian investors should note the following fundamental differences in reserves estimates and related disclosures contained in the Form 10-K:

SEC registrants apply SEC reserves definitions and prepare their reserves estimates in accordance with SEC requirements and generally accepted industry practices in the US whereas NI 51-101 requires adherence to the definitions and standards promulgated by the COGE Handbook;
the SEC mandates disclosure of proved reserves and the Standardized Measure of Discounted Future Net Cash Flows and Changes Therein calculated using year-end constant prices and costs only; whereas NI 51-101 also requires disclosure of reserves and related future net revenues using forecast prices;
the SEC mandates disclosure of proved and proved producing reserves by country only; whereas NI 51-101 requires disclosure of more reserve categories and more product types;
the SEC does not require separate disclosure of proved undeveloped reserves or related future development costs; whereas NI 51-101 requires disclosure of more information regarding proved undeveloped reserves, related development plans and future development costs;
the SEC does not require disclosure of finding and development (F&D) costs per boe of proved reserves additions whereas NI 51-101 requires that various F&D costs per boe be disclosed. NI 51-101 requires that F&D costs be calculated by dividing the aggregate of exploration and development costs incurred in the current year and the change in estimated future development costs relating to proved reserves by the additions to proved reserves in the current year. However, this will generally not reflect full cycle finding and development costs related to reserve additions for the year;
the SEC leaves the engagement of independent qualified reserves evaluators to the discretion of a company’s board of directors whereas NI 51-101 requires issuers to engage such evaluators and to file their reports;
the SEC does not consider the upgrading component of our integrated oil sands project at Long Lake as an oil and gas activity, and therefore permits recognition of bitumen reserves only. NI 51-101 specifically includes such activity as an oil and gas activity and recognizes synthetic oil as a product type, and therefore permits recognition of synthetic reserves. At year end, we have recognized 246 million barrels before royalties of proved bitumen reserves (219 million barrels after royalties) under SEC requirements, whereas under NI 51-101 we would have recognized 200 million barrels before royalties of proved synthetic reserves (185 million barrels after royalties); and
the SEC considers our Syncrude operation as a mining activity rather than an oil and gas activity, and therefore does not permit related reserves to be included with oil and gas reserves. NI 51-101 specifically includes such activity as an oil and gas activity and recognizes synthetic oil as a product type, and therefore permits them to be included with oil and gas reserves. We have provided a separate table showing our share of the Syncrude proved reserves as well as the additional disclosures relating to mining activities required by SEC requirements.

The foregoing is a general description of the principal differences only.

NI 51-101 requires that we make the following disclosures:

we use oil equivalents (boe) to express quantities of natural gas and crude oil in a common unit. A conversion ratio of 6 mcf of natural gas to 1 barrel of oil is used. Boe may be misleading, particularly if used in isolation. The conversion ratio is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

Integrated Project Diagram - 1 page - 141KB

The Long Lake Project will use Steam Assisted Gravity Drainage technology to recover bitumen. The bitumen will be partially upgraded using OPTI’s proprietary OrCrude™ process, followed by conventional hydrocracking and gasification. The end result will be a sweet, premium synthetic crude. And it will be produced in an economically, environmentally and socially responsible way. To learn how the Long Lake Project will work, click on the above diagram.

Legal Notice