Related Articles
Forward article link
Share PDF with colleagues

Heads roll as Nexen aims to up its game

Like a struggling hockey team, the front bench of Canada’s Nexen has been shaken up with the surprise resignation of its chief executive and senior vice-president, amid claims of poor operational performance

Marvin Romanow and Gary Nieuwenburg left the Calgary-based company with immediate effect. Chief financial officer Kevin Reinhart will continue as the firm’s interim president until a replacement is found. Nexen, Canada’s fifth-largest independent oil and gas producer, has struggled with a sagging share price and missed production targets at its Long Lake oil-sands project, which is yet to hit design production rates more than three years since it was first commissioned. Both Romanow and Nieuwenberg were strong proponents of Long Lake and its disappointing results – present output of about 28,000 barrels a day (b/d) is less than half its rated capacity of about 70,000 b/d – was likely a key

Also in this section
Latest licensing rounds
16 March 2018
The industry's most comprehensive list of current and recent rounds for onshore and offshore licenses
North Sea—life in the old dog
12 March 2018
There's still plenty more value to be eked out of the maturing basin, according to one of the region's most experienced operators
Nigeria targets local upstream players with marginal field round
7 March 2018
Reinvigorating production on acreage abandoned by the majors could be a tough task