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North Sea operator aims to boost output by 10%

North Sea operator aims to boost output by 10%
OIL and gas company Nexen, whose principal production area is in the UK North Sea through its operated Buzzard field, said yesterday it expected to increase worldwide output in 2009 by about 10% year-on-year.

OIL and gas company Nexen, whose principal production area is in the UK North Sea through its operated Buzzard field, said yesterday it expected to increase worldwide output in 2009 by about 10% year-on-year.

It said its daily net production should grow to 220,000-235,000 barrels of oil equivalent, gaining it cash flow of more than £1.5billion, based on an average oil price above $50 a barrel.

It also said it had oil and gas capital investment plans of more than £1.7billion next year, including £266million on core assets in the North Sea.

It said its drilling plans for 2009 would include up to five exploration and four appraisal wells in the North Sea, including two exploration wells and one appraisal well following up its Golden Eagle and Pink discoveries.

Appraisal of its Blackbird, Bugle and Polecat discoveries in UK waters are in Nexen’s plans, as is a first exploration well in Norwegian waters, while it will add to its UK production next year when Ettrick comes on stream in the first quarter.

It also said Buzzard continued to exceed expectations and was a significant contributor to its 2009 output.

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