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GasBuddy News Article

Nexen Announces Oil Production at Usan Field off West Africa

Bloomberg -- Nexen Inc. (NXY) has begun producing oil from its Usan field off the coast of West Africa.

Production is expected to be 14,000 to 28,000 barrels a day this year for Nexen, which holds a 20 percent share, the company said in a statement today. Other owners are Total SA (FP), Chevron Corp. (CVX) and Exxon Mobil Corp. (XOM), Nexen said.

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Submitted Feb 24, 2012 By: TreasuryGuy
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Champion Author Illinois

Joined:Dec 2010
Message Posted: Feb 24, 2012 4:14:15 PM

Buckeyee - Good comment.

However, discovering oil and then extracting it and getting it into the distribution channel are different things. Until it actually starts reaching the market, it might not have an immediate effect.

Yes, I agree, the speculators tend to ignore the good news and dwell on the negative when pricing a commodity.
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Champion Author Maine

Joined:May 2010
Message Posted: Feb 24, 2012 9:34:20 AM

Notice how new oil has no effect on price, but speculating on what if does !
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