. for the south korean tire manufacturer see nexen tire . not to be confused with nexium or nexon . nexen type subsidiary industry oil and gas energy founded july 12 1971 1971 07 12 headquarters calgary alberta canada key people fang zhi 1 ceo li fanrong chairman revenue 6.7 billion cad 2012 2 net income 333 million cad 2012 2 total equity 8.8 billion cad 2012 3 number of employees 3 000 2013 3 parent cnooc limited website nexencnoocltd.com nexen is a canadian oil and gas company based in calgary alberta . on 25 february 2013 nexen became a wholly owned subsidiary of hong kong based cnooc limited . it has three growth strategies oil sands and shale gas in western canada as well as conventional exploration and development primarily in the north sea offshore in west africa and deepwater exploration in the gulf of mexico . 4 contents 1 history 1.1 acquisition by cnooc limited 2 energy operations 2.1 long lake 2.2 occupational health and safety 3 marketing 4 see also 5 references history edit the nexen building in calgary nexen started in 1969 as canadian occidental petroleum ltd. canoxy and was 80 % owned by occidental petroleum an oil company based in los angeles . in the first decade of its existence canoxy was fairly canadian oriented . during the 1980s and 1990s they increased their international holdings first in the gulf of mexico then into places like yemen and the north sea . further canadian assets were also acquired . in the 1990s nexen then known as canoxy purchased the assets of what once was the first state owned oil and gas company in north america ; wascana energy inc. formerly known as saskoil . founded by saskatchewan new democratic party premier allan blakeney in 1973 saskoil was privatized in 1986 by progressive conservative premier grant devine . 5 acquisition by cnooc limited edit cnooc limited a major subsidiary of cnooc headquartered in beijing acquired nexen on february 25 2013 nexen . nexen s common stock shareholders received cash proceeds of usd 27.50 without interest whereas preferred stock shareholders of nexen received cash proceeds of cad 26 plus accrued and unpaid dividends without interest . 4 energy operations edit nexen has interests in canada including the athabasca oil sands through a 7.23 % ownership of syncrude and the long lake project the uk north sea the united states and offshore west africa . beginning in february 2013 nexen took accountability for managing approximately 8 billion in cnooc limited assets located throughout north and central america . long lake edit the long lake project in the athabasca oil sands was initiated in 2001 . it was started in order to develop the long lake site using steam assisted gravity drainage and the orcrude process for on site upgrading . production capacity at long lake is 72 000 barrels of bitumen per day which when upgraded is capable of generating approximately 58 500 barrels per day . the proved reserves at the long lake site are 310 000 000 bbls . 6 on 15 july 2015 the pipeline oil spill at the long lake facility near fort mcmurray was discovered in the afternoon 7 by a worker in which the factory s failsafe system was unable to detect . 8 9 as of 16 july 2015 at least 5 000 000 litres 1 100 000 imp gal ; 1 300 000 us gal or 31 500 barrels 10 of oil emulsion has been spilt onto an area of approximately 16 000 square metres 170 000 sq ft 7 although water bodies were not contaminated . 10 nexen said efforts were made to stabilise the leak 7 such as shutting down operations at the time of discovery and isolating the area . 10 the company said the pipeline was installed in 2014 and contains an emulsion mixture of bitumen wastewater and oil sand . 10 11 determining the cause of the spill would take months according to a company employee . 12 efforts were made to clean up the affected area such as vacuum trucks and avoid further environmental impact like affecting wildlife . 13 on 19 july one duck was found dead from the spill . 14 15 as of september 2015 the facility has resumed operations but 45 pipelines still remain shut down . 16 17 occupational health and safety edit an explosion left one worker dead and another seriously injured at the long lake oil sands facility near anzac south of fort mcmurray 18 the two maintenance workers involved were found near natural gas compression equipment used for a hydrocracker which turns heavy oil into lighter crude at the plant s main processing facility known as an upgrader . 19 marketing edit nexen also has an energy marketing division that trades and markets proprietary and third party crude oil natural gas liquid natural gas and electrical power . see also edit companies portal cnooc limited foreign ownership of companies of canada list of petroleum companies references edit cattaneo claudia . nexen chief kevin reinhart to be replaced by cnooc executive fang zhi . financial post . retrieved 23 may 2014 . a b c nexen inc. financials . google finance canada . retrieved 2010 04 26 . a b nexen inc. public tse nxy . google finance canada . retrieved 2010 04 26 . a b nexen announces completion of acquisition by cnooc limited . yahoo finance . 25 february 2013 . saskoil . encyclopedia of saskatchewan university of regina . retrieved 2012 06 18 . opti canda inc. december 17 2008 . opti outlines capital expenditure plans divests long lake interest . news release . rigzone . retrieved 2009 03 02 . a b c nexen pipeline leak in alberta spills 5 million litres . cbc news . 16 july 2015 . retrieved 17 july 2015 . paperny anna mehler 17 july 2015 . alberta oil spill when failsafe leak detection systems fail . global news . retrieved 18 july 2015 . mah bill 17 july 2015 . nexen spill discovered by worker walking by . edmonton journal . retrieved 18 july 2015 . a b c d williams nia ; de souza mike 17 july 2015 . nexen apologizes for oil sands pipeline spill cause unknown . reuters . retrieved 17 july 2015 . cleanup in western canada after oil sands spill . 17 july 2015 . retrieved 17 july 2015 . de souza mike ; williams nia september 1 2015 . nexen expects long lake oil sands shutdown to take two weeks . reuters . retrieved september 25 2015 . bennett dean 18 july 2015 . alberta oil spill cleanup begins but cause still uncertain . the globe and mail . retrieved 19 july 2015 . one dead duck found at nexen energy pipeline spill site in northern alberta national post . news.nationalpost.com . retrieved 2015 07 31 . nexen news release . nexencnoocltd.com . retrieved 2015 07 31 . http af.reuters.com article commoditiesnews idafl1n11n14720150917 http www.fortmcmurraytoday.com 2015 09 17 long lake resumes operations as more pipeline suspensions lifted wall street journal jan. 18 2016 search for clues after deadly blast at nexen oil sands plant unit of china s cnooc shut facility after the accident friday killed one and injured another wall street journal jan 2016 cnooc oil sands operation in canada to remain shut after explosion coordinates 51 2 47 n 114 4 47 w 51.04639 n 114.07972 w 51.04639 ; 114.07972 retrieved from https en.wikipedia.org w index.php title nexen & oldid 741480103 categories oil companies of canadanatural gas companies of canadapower companies of canadacompanies based in calgarynon renewable resource companies established in 1971hidden categories use dmy dates from july 2015pages using infobox company with unsupported parameterscoordinates not on wikidata navigation menu personal tools not logged intalkcontributionscreate accountlog in namespaces article talk variants views read edit view history more search navigation main pagecontentsfeatured contentcurrent eventsrandom articledonate to wikipediawikipedia store interaction helpabout wikipediacommunity portalrecent changescontact page tools what links hererelated changesupload filespecial pagespermanent linkpage informationwikidata itemcite this page print export create a bookdownload as pdfprintable version languages deutschfran ais norsk bokm lsvenska edit links this page was last modified on 27 september 2016 at 19 25 . text is available under the creative commons attribution sharealike license ; 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