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Nexen announces positive investment decision to grow oilsands production

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World Pipelines,

Nexen Energy, a wholly-owned subsidiary of CNOOC Limited, is pleased to announce a positive final investment decision on its Long Lake Southwest expansion project in northern Alberta.

The approximately CAN$400 million project, which has received approval from the Alberta Energy Regulator, will add 26 000 bpd of production from three well pads that will be tied-in to Nexen’s existing Long Lake oilsands facility. Through this project, Nexen will bring into production a meaningful number of lower steam-to-oil ratio wells, significantly improving Long Lake’s GHG performance. Construction is set to begin shortly, with first oil anticipated in late 2020.

This decision further affirms CNOOC Limited’s long-term confidence in the Alberta energy sector and helps achieve the Alberta Government’s climate objectives. Nexen remains committed to growing its Canadian production profile, and its oilsands assets are an important component of this strategy.

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