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UK: EnCana lets Buzzard go
CANADA'S EnCana is to sell its Buzzard field in the North Sea ? the most significant UK discovery for over 10 years, and not yet on stream ? to fellow-Canadian firm Nexen. The sale of the field, together with EnCana's other UK assets, is part of the firm's withdrawal from overseas work to concentrate on gas and oil-sands operations in North America. Nexen agreed to pay $2.1bn for the EnCana UK subsidiary, which owns 43.2% of Buzzard as well as interests in two producing fields ? 41.0% of Scott and 54.3% of Telford. Nexen will take over as operator of all three, subject to Department of Trade and Industry approval. The deal also gives Nexen interests in a number of satellite discoveries and in exploration acreage. Nexen estimates its share of remaining capital expenditures needed to bring Buzzard on stream ...Click here to continue reading Corporate
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