Nexen Inc said on Tuesday it will sell 40 percent of its British Columbia shale gas holdings to a group led by Japan's Inpex Corp for C$700 million ($680 million) in the latest Asian foray into Canada's rich unconventional resources.Nexen shares surged 5 percent to C$15.99 on the Toronto Stock Exchange as investors digested a positive development following a string of disappointments, including this month's loss of Nexen's long-held production contract in Yemen and struggles with its Long Lake oil sands project.The deal - to include an upfront payment for half the amount and the rest in capital spending by Inpex and partner JGC Corp - marks the close of Nexen's year-long search for a partner to develop lands that could hold as much as 38 trillion cubic feet of gas.Inpex joins a rush of Asian-based investors that have entered partnerships to develop such reserves, including Malaysia's Petronas, Korea Gas Corp and Mitsubishi Corp , also of Japan.
Nexen Inc. (Nexen) is an independent, Canada-based global energy company. Shares of NXY traded higher by 4.65% or $0.71/share to $15.98. In the past year, the shares have traded as low as $14.75 and as high as $27.11. On average, 1548740 shares of NXY.TO exchange hands on a given day and today's volume is recorded at 1648435.
Nexen Inc. (Nexen) is an independent, Canada-based global energy company. Shares of NXY traded higher by 5.04% or $0.745/share to $15.52. In the past year, the shares have traded as low as $13.88 and as high as $27.94. On average, 3357910 shares of NXY exchange hands on a given day and today's volume is recorded at 2140986.
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