Nexen Inc.
TSX : NXY
NYSE : NXY

Nexen Inc.

October 05, 2007 12:09 ET

Nexen and Pemex Sign Collaboration Agreement

CALGARY, ALBERTA--(Marketwire - Oct. 5, 2007) - Subsidiaries of Nexen Inc. and Mexico's state-run oil company Pemex, signed a general collaboration agreement in Mexico City today.

"This is an important step in furthering our relationship with Pemex and in helping to advance its resource development for the Mexican people," commented Charlie Fischer, Nexen's President and Chief Executive Officer. "We are proud to be the first Canadian energy company to sign this type of agreement."

This agreement outlines a framework for collaboration in areas of research, training and oil and gas exploration and production, particularly offshore deep-water and coal bed methane.

"It is very gratifying to have worked with Pemex towards the conclusion of this important agreement that will benefit all parties," added Dwain Lingenfelter, Vice President of Government Relations, who was in Mexico City to sign the agreement on behalf of Nexen.

"Sharing experience about exploration and production practices is extremely valuable to us in determining new strategies for resource development," stated Pemex.

"The signing of this extremely important agreement between Pemex and Nexen is living proof of the outstanding level of friendship, collaboration, and partnership with Canada and its private sector," says His Excellency Emilio Goicoechea, Mexican Ambassador to Canada.

Nexen Inc. is an independent, Canadian-based global energy company, listed on the Toronto and New York stock exchanges under the symbol NXY. We are uniquely positioned for growth in the North Sea, deep-water Gulf of Mexico, the Athabasca oil sands of Alberta, the Middle East and offshore West Africa. We add value for shareholders through successful full-cycle oil and gas exploration and development and leadership in ethics, integrity and environmental protection.

Contact Information

  • Dwain Lingenfelter
    Vice President, Government Relations
    (403) 613-0398
    or
    Michael J. Harris, CA
    Vice President, Investor Relations
    (403) 699-4688
    or
    Nexen Inc.
    801 - 7th Ave SW
    Calgary, Alberta, Canada T2P 3P7
    Website: www.nexeninc.com