Nexen

Warburg Pincus LLC is leading a group of investors to fund up to $1.125 billion in Venari Resources LLC, a new Gulf of Mexico (GOM) deepwater explorer helmed by former Nexen Inc. executive Brian Reinsborough. The Dallas-based explorer also would be financed by Kelso & Co., The Jordan Co., and Asian investment giant Temasek Holdings. Venari, which is Latin for “hunt,” plans to target subsalt reservoirs, which are pockets of oil and natural gas that had been obscured by salt layers until advances were made in seismic imaging technology. Initial investments of 10-25% are to be made in GOM exploration blocks, with Venari providing technological expertise to majority lease owners.

Despite a lack of evidence showing that there is a correlation between hydraulic fracturing (fracking) and increased seismic activity, British Columbia (BC) provincial authorities want to study the issue, focusing on BC’s Horn River Basin shale play.

Source: Quarterly financial reports with the Securities and Exchange Commission, or if necessary, statements signed by company officials and provided to NGI.

Nexen topped the rankings of gas purchasers/marketers in a new customer satisfaction survey based on 300 interviews with gas producers by Missouri-based Mastiogale. Other top buyers that exceeded the industry benchmark were BP, ConocoPhillips, Shell Energy Trading and Corpus Christi-based marketer Shoreline Gas.

Nexen topped the rankings of gas purchasers/marketers in a new customer satisfaction survey based on 300 interviews with gas producers by Missouri-based Mastiogale. Other top buyers that exceeded the industry benchmark were BP, ConocoPhillips, Shell Energy Trading and Corpus Christi-based marketer Shoreline Gas.