Nexen Inc. is cutting capital spending on oil and gas projects by about 15% to CAN 2.6 billion next year. At the same time, the energy company also plans to boost production by about 10%. Nexen set its 2009 capital expenditures budget at CAN 2.6 bilion, down from the CAN 3 billion the company is spending this year. The Calgary-based company, the subject of takeover rumours in recent months, plans to boost net production to between 220,000 and 235,000boe output a day. Nexen and other players in the Western Canadian oilpatch have been cutting planned spending in 2009 because of plunging energy prices and the global economic and financial crisis that has made it more difficult to raise money for expansion projects. Nexen has decided to delay or postpone construction of a new refinery upgrader for its oilsands unit because costs are too high in the current economic environment.