Nexen Inc. announced that the International Court of Arbitration of the International Chamber of Commerce released its Partial Award in a dispute regarding two small areas (the Heijah/Tawila Extension Lands) of the Nexen operated Block 51 in Yemen.
The Award held that Nexen had breached an obligation to offer a subsidiary of Occidental Petroleum Corporation the right to acquire a 50% interest in these areas and that Occidental is entitled to monetary damages.
Damages will be determined during a second and final phase of the arbitration. The amount of damages cannot be reasonably estimated at this time. Resolution of this matter is not expected to have a material adverse effect on our liquidity, consolidated financial position or results of operations.
Nexen Inc. is an independent, Canadian-based global energy company, listed on the Toronto and New York stock exchanges under the symbol NXY.
Add a Comment to this Article
Please be civil. Job and promotion will not be added into the comment page.