July 14, 2006

July 14, 2006: Update re Nexen ...

mentioned in a post yesterday, entitled: July 13, 2006: What does it take ... to be appointed to a Board of Directors? What qualifications are required? Anything else? -- search "Nexen"

Nexen doubles profit, gets OK for North Sea -- Oilsands over budget Jon Harding, Financial Post, July 14, 2006

CALGARY - Nexen Inc. ... secured government approval to develop a major oilfield in the North Sea.

But the Calgary-based international oil and natural gas producer also warned that it, too, is feeling the pinch in Alberta and said the final cost to build its huge Long Lake oilsands project will probably come in 10%, or about $400-million, higher than the current project budget of $3.8- billion.

The Long Lake project, of which Nexen owns 50% alongside OPTI Canada Inc., is about two-thirds built and is due to produce first oil next year, but has run into higher labour and support costs, Nexen said. [....]

Will we hear of tax or other concessions requested ... as seems to happen, regularly with businesses?

Search: Western Oil Sands Inc. , Athabasca Oil Sands Project , Shell Canada Ltd. , Chevron Corp , U.K. government , Ettrick field , the North Sea play , 2004 from EnCana Corp. , a floating drilling and production platform , 20,000 barrels a day

Business ... appointments ... making money ... generous gifting ... board decisions ... political capital ... influence ... It all reminds me: "Which comes first, the chicken or the egg? Of course, I can only muse since I know too little about how things really work ... being a very small fish in an even smaller and more insignificant pond.


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