Nexen Inc., Calgary, (TSX, NYSE: NXY) has concluded a joint venture with China's CNOOC Ltd. (NYSE: CEO) in the Gulf of Mexico. The joint venture will give CNOOC a working interest in up to six deepwater exploration wells in the Gulf. Among the prospects included in the deal are the Kakuna well, drilling at press time, and the Angel Fire well, expected to spud in 2012. CNOOC will participate in Kakuna, Angel Fire, and Cypress with a 20% working interest, and may participate in three additional exploration wells with a 10% to 25% working interest. The venture does not include any interest in the Appomattox discovery or related Norphlet formation prospects.
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