Strategic Partner

In December 2005 IGas' subsidiary IGL entered into a joint venture agreement with Nexen Exploration U.K. Limited. 

Nexen is a Canadian-based, global energy company with a market capitalisation of approximately CN$16bn listed on the Toronto and New York Stock Exchanges.

It explores, produces and markets energy globally including in the regions of the North Sea, the deep-water Gulf of Mexico, the Middle East, offshore West Africa and the Canadian Athabasca oil sands.

In addition to Nexen’s experience in conventional energy, it is an experienced CBM explorer and developer having started out with CBM exploration in Alberta, West Canada in 2002. By the end of 2006 Nexen held more than 448,000 acres of land in Alberta with CBM potential and has declared an interest in increasing CBM production to at least 150 mmcf/d. It was Nexen’s extensive CBM experience that led it to be selected by IGL to become its operating partner over the Licences.

Nexen has also made significant investment in the North Sea with approximately 36 per cent of Nexen’s total production coming from this region.