UNexen inks sale and JV partnership for Northeast British Columbia Shale Gas Assets

30 November 2011: Nexen Inc. has reached agreement to create a strategic partnership with a consortium led by INPEX CORPORATION of Japan regarding the development of our shale gas lands in the Horn River, Cordova and Liard basins in northeast BC. Nexen will sell a 40 per cent working interest in its northeast BC assets and will remain the operator.

The JV represents a significant milestone in the advancement of our shale gas strategy and the premium over our invested cost shows the value we have created in a short time. The transaction provides us with world-class partners that have significant upstream and LNG expertise. It also recognizes the outstanding team we have put in place and the execution excellence they have consistently demonstrated.

Source: Yourindustrynews