Market Chatter: Nexen Gets U.K. Nod to Move Forward with Solitaire Project; Shares Flat
Nexen Inc.'s ( NXY ) U.K. subsidiary says it has received regulatory approval to develop its Solitaire oil field in the North Sea, the Financial Post reported.
The project is northeast of the $3.3-billion Golden Eagle development, which is under construction. Solitaire is expected to produce eight million barrels of oil, with first oil expected in 2015, the story stated.
Detailed design and engineering will begin immediately and field installation is expected to begin toward the middle of next year.
NXY shares are flat at $26.96.