Nexen cuts 340 jobs in North America, 60 in U.K. on weak oil
Nexen, the Canadian oil company owned by China’s state-owned CNOOC Ltd., is cutting 400 jobs to cope with the collapse in oil prices.
Nexen said in a statement that it will chop its work force by 340 in North America and 60 in the United Kingdom, where it operates in the North Sea.
The company had about 3,000 employees worldwide when CNOOC took it over in late 2012 for $15.2-billion (U.S.) following a lengthy foreign investment review by Ottawa. At the time, the Chinese company made spending and employment commitments.
“While regrettable, these organizational changes are necessary to align the company with our reduced capital spending program,” Fang Zhi, Nexen’s chief executive, said in a statement. “We take these decisions seriously, and all impacted employees have been treated fairly and with respect.”
Nexen said in a statement that it will chop its work force by 340 in North America and 60 in the United Kingdom, where it operates in the North Sea.
The company had about 3,000 employees worldwide when CNOOC took it over in late 2012 for $15.2-billion (U.S.) following a lengthy foreign investment review by Ottawa. At the time, the Chinese company made spending and employment commitments.
“While regrettable, these organizational changes are necessary to align the company with our reduced capital spending program,” Fang Zhi, Nexen’s chief executive, said in a statement. “We take these decisions seriously, and all impacted employees have been treated fairly and with respect.”
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