Nexen Inc. (NXY) is reported to sell its heavy-oil assets in western Canada for a worth C$975 million (US$934 million), thereby fulfilling its aim of generating C$1 billion in proceeds from the sale of non-core assets.

The buyer is a private Calgary-based company is reported to have called Northern Blizzard Resources, which is, in turn, an arm of a $9.5-billion Texas-based private equity fund called NGP Energy Capital Management.

The buyer, Calgary-based Company, is a private company operates more than C$7 billion in a family of funds that invests in oil and gas production and oilfield services.

Nexen is revealed to raise a net $1.5-billion from asset sales over the next 18 months, as new CEO Marvin Romanov primarily aims on the energy conglomerate’s operations.

It is reported that the next step would witness Nexen sell its controlling stake in chemicals play Canexus.

In addition to paying down debt, Nexen is speculated to boost its North American shale gas holding, UBS analyst Matt Donohue posted in a report early Thursday.

Nexen’s shares registered a closing price of C$22.31, marking a rise 0.3% on Wednesday in Toronto.