Reserves, Production and Related Information


In addition to the tables below, we refer you to the Supplementary Data of this Form 10-K for information on our oil and gas producing activities. Nexen has not filed with nor included in reports to any other United States federal authority or agency, any estimates of total proved crude oil or natural gas reserves since the beginning of the last fiscal year.

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Net Sales by Product from Oil and Gas Operations (including Syncrude)

(Cdn$ millions)

2008

2007

2006

Conventional Crude Oil and
Natural Gas Liquids (NGLs)

5,534

4,077

2,479

Synthetic Crude Oil

691

545

446

Natural Gas

652

499

553

Total

6,877

5,121

3,478

Crude oil (including synthetic crude oil) and natural gas liquids represent approximately 90% of our oil and gas net sales, while natural gas represents the remaining 10%.

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Sales Prices and Production Costs (excluding Syncrude)

 

 

Average Sales Price1

Average Production Cost1

 

2008

2007

2006

2008

2007

2006

1

Sales prices and unit production costs are calculated using our working interest production after royalties.

Crude Oil and NGLs (Cdn$/bbl)

 

 

 

 

 

 

United Kingdom

96.23

76.30

71.19

6.75

6.94

11.28

Yemen

99.87

76.29

71.57

15.88

12.00

8.11

Canada

74.51

44.07

42.79

22.16

18.67

15.50

United States

104.94

69.83

65.80

13.48

9.69

9.45

Other Countries

98.98

71.29

66.09

4.91

3.76

3.13

Natural Gas (Cdn$/mcf)

 

 

 

 

 

 

United Kingdom

6.78

4.71

7.43

1.12

1.16

1.88

Canada

7.73

6.32

6.49

2.09

2.28

1.65

United States

10.07

7.80

7.86

2.25

1.61

1.58

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Oil and Gas Acreage

 

 

 

 

 

Developed

Undeveloped1

Total

(thousands of acres)

Gross

Net

Gross

Net

Gross

Net

1

Undeveloped acreage is considered to be those acres on which wells have not been drilled or completed to a point that would permit production of commercial quantities of crude oil and natural gas regardless of whether or not such acreage contains proved reserves.

2

The acreage is covered by production sharing contracts.

3

The acreage is covered by a joint venture agreement.

4

The acreage is covered by an association contract.

5

Approximately 20% of our net oil and gas acreage is scheduled to expire within three years if production is not established or we take no other action to extend the terms. We plan to continue the terms of many of these licences.

United Kingdom

197

81

1,107

752

1,304

833

Yemen2

50

29

756

628

806

657

Canada

817

634

1,865

985

2,682

1,619

United States

215

125

1,260

630

1,475

755

Colombia4

1

–

607

372

608

372

Nigeria2,3

–

–

678

131

678

131

Norway

–

–

680

383

680

383

Total

1,280

869

6,953

3,881

8,233

4,7505

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Producing Oil and Gas Wells

 

 

 

 

 

Oil

Gas

Total

(number of wells)

Gross1

Net2

Gross1

Net2

Gross1

Net2

1

Gross wells are the total number of wells in which we own an interest.

2

Net wells are the sum of fractional interests owned in gross wells.

United Kingdom

50

22

–

–

50

22

Yemen

540

327

–

–

540

327

Canada

2,258

1,571

3,124

2,743

5,382

4,314

United States

183

94

202

142

385

236

Colombia

117

24

–

–

117

24

Total

3,148

2,038

3,326

2,885

6,474

4,923

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Drilling Activity

 

 

 

 

 

 

 

2008

 

Net Exploratory

Net Development

Total

(number of net wells)

Pro-
ductive

Dry Holes

Total

Pro-
ductive

Dry Holes

Total

 

United Kingdom

2.5

2.0

4.5

3.3

–

3.3

7.8

Yemen

–

1.0

1.0

17.4

–

17.4

18.4

Canada

9.2

–

9.2

216.4

–

216.4

225.6

United States

0.5

1.0

1.5

1.3

–

1.3

2.8

Colombia

–

–

–

1.6

–

1.6

1.6

Total

12.2

4.0

16.2

240.0

–

240.0

256.2

 

 

 

 

 

 

 

 

 

2007

 

Net Exploratory

Net Development

Total

(number of net wells)

Pro-
ductive

Dry Holes

Total

Pro-
ductive

Dry Holes

Total

 

United Kingdom

2.0

3.2

5.2

4.2

–

4.2

9.4

Yemen

1.0

1.0

2.0

28.0

–

28.0

30.0

Canada

23.2

0.6

23.8

295.6

3.2

298.8

322.6

United States

0.8

2.9

3.7

8.6

1.0

9.6

13.3

Colombia

–

0.9

0.9

7.0

–

7.0

7.9

Total

27.0

8.6

35.6

343.4

4.2

347.6

383.2

 

 

 

 

 

 

 

 

 

2006

 

Net Exploratory

Net Development

Total

(number of net wells)

Pro-
ductive

Dry Holes

Total

Pro-
ductive

Dry Holes

Total

 

United Kingdom

0.8

1.7

2.5

5.5

–

5.5

8.0

Yemen

3.0

5.5

8.5

36.0

1.0

37.0

45.5

Canada

35.4

2.2

37.6

214.3

0.7

215.0

252.6

United States

1.6

2.1

3.7

8.3

2.0

10.3

14.0

Colombia

–

–

–

2.0

–

2.0

2.0

Nigeria

–

0.2

0.2

–

–

–

0.2

Total

40.8

11.7

52.5

266.1

3.7

269.8

322.3

Wells in Progress

At December 31, 2008, we were drilling four wells in Yemen (2.1 net), 16 wells in Canada (10 net), one well in the United States (0.4 net) and seven wells in the United Kingdom (4.5 net). There were no wells drilling in Colombia at December 31, 2008.

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