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Nexen cuts 340 North American jobs

(File photo: Nexen Long Lake)

Nexen Energy ULC (Nexen), a wholly-owned subsidiary of CNOOC Limited has slashed 340 jobs in North America.

Organizational changes will also see 60 jobs lost in the UK.

“In response to the recent industry downturn that has affected all companies in the energy sector, a decision was made to conduct a thorough review of our organzitiona to ensure our long-term viability and sustainability,” said Fang Zhi, Chief Executive Officer of Nexen.

According to the Calgary Herald, 300 of the lost jobs are at the Nexen office in Calgary, the remaining 40 are split between Fort McMurray and the United-States.

“Nexen has enhanced its performance over the past two years. We have already demonstrated our ability to continuously improve as evidenced by our best-ever health, safety and environmental performance in 2014, our oilsands production rising by 40 per cent since 2012 and our ability to bring on Golden Eagle, a major North Sea development, on stream and ahead of schedule and under budget,” added Zhi.

These are the first major corporate layoffs since the Canadian owned Nexen was bought out by the Chinese state-owned CNOOC Ltd.

The $15.1 billion takeover by CNOOC took place two years ago.