CNOOC Petroleum North America
Nexen is an Energy company based in Calgary, Alberta.
History
Nexen started in 1971 as "Canadian Occidental Petroleum Ltd.", aka CanOxy, and was 80% owned by Occidental Petroleum, a Los Angeles based oil company. Essentially, it was created to get around rules that hampered American oil companies' operations in Canada.
In the first decade of its existence, CanOxy was fairly Canadian oriented. During the 80s and 90s they increased their international holdings, first in the Gulf of Mexico then into places like Yemen. Further Canadian assets were also acquired.
In Canada Nexen, the known as CanOxy, is noted for having purchased the assets of what once was the first state owned oil and gas company in North America; Wascana Oil and Gas which was once known as SaskOil. Founded by socialist Premier Allan Blakeney of the Canadian province of Saskatchewan, Saskoil was later privatized by Progressive Conservative Premier Grant Devine. One of the leading opponents to the privatization was the then widely considered leading candidate to be a leadership candidate former NDP cabinet Minister and later Deputy Premier, Dwaine Lingenfelter.
In a strange twist of fate, the socialist Blakeney was engaged to advise Wascana during the takeover by CanOxy which was itself splitting from America's Occidental Petroleum. Stranger than a socialist politician advising an oil company was the fact that CanOxy then appointed the socialist ex-Premier to it's board. In a further marriage of the improbale, CanOxy then hired the sitting socialist NDP government's second in command, Dwaine Lingenfelter, as it's Vice-President of Government Affairs. Less faint of heart reporting may have questioned the propriety of such dealings.
In 2001 the name was changed to Nexen Incorporated in recognition of the fact that Occidental no longer held a significant portion of the company.
Energy Operations
Nexen has interests in Yemen, Canada (including the Athabasca Oil Sands through their 7% ownership of Syncrude and their Long Lake project with OPTI Canada), the North Sea, the Gulf of Mexico, Colombia, the Buzzard Oil Feilds (offshore UK) and offshore West Africa. The bulk of Nexen's profits presently come from its operations in Yemen, Canada and the United States.
The Buzzard Oil Fields were originally controlled by Encana and the project was bought by Nexen.
Chemicals
Nexen also produces chemicals, including sodium-chlorate and chlor-alkali products in 6 plants in Canada and one in Brazil. The sodium-chlorate is used as a bleaching agent primarily in the North American pulp and paper industry. The chlor-alkali products include caustic soda, chlorine and muriatic acid. The caustic soda is also used for pulp and paper while the chlorine is used for water purification, polyvinyl chloride and petrochemical industries.
It is important to note that chemicals make up less than 5% of Nexen's revenues.
Power Production
The company also has a power division that buys and sells power, this division of the company is only a few years old, and is headed by David Axford. Nexen itself has several power generating facilities in Canada.