Nexen approves North Sea development plan

Nexen Inc. (NXY-T23.970.421.78%) approved plans to develop a $1.2-billion (U.S.) oil field in the North Sea, as the company seeks to invigorate its fortunes while distancing itself from a struggling oil sands project it once tagged as a major source of growth.

The decision to go ahead with the Golden Eagle project comes just one month after the United Kingdom raised taxes for energy companies there. Despite the tax increase, energy companies producing oil in Europe are enjoying an advantage since oil prices are trading substantially higher there than in North America due to supply constraints.
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Source: The Globe and Mail