Nexen plans to spend record $2.9B in 2006 to develop major projects

Oil producer Nexen Inc. plans to spend a record $2.9 billion next year on capital projects as the company develops major new projects in the northern Alberta oilsands and the North Sea.

Calgary-based Nexen (TSX:NXY) said late Tuesday that nearly half of its 2006 capital program will go towards major development projects that will enable the company to boost its production by 50 per cent by 2007. “This budget reflects our commitment to building sustainable businesses in Canada, the Gulf of Mexico, North Sea, Yemen and offshore West Africa,” Nexen’s chief executive Charlie Fischer said in a release.

moneysense