Nexen announced plans to follow EnCana's lead by seeking out a JV alliance to develop 300,000 shale gas acres in British Columbia. Nexen holds a 100% interest in the acreage at this time and it acquired 175,000 acres in 2010 in the Cordova and Liard basins. The company is at an early stage of development of its land position.
Including the land acquisition costs, Nexen invested C$476 million in shale gas (slightly less than half on wells and facilities with the remainder land acquisition costs).
Nexen's goals are to (1) monetize part of the value in its acreage and (2) find a partner interested in developing the resource potential over a 40 year time horizon.