Nexen cuts 400 jobs

Nexen Energy ULC, a wholly-owned subsidiary of CNOOC Ltd, has announced that it will cut 340 jobs in North America, while Nexen UK has also initiated a consultation process to adjust its staffing levels by approximately 60 employees.

Fang Zhi, Chief Executive Officer of Nexen, said: “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 organisation to ensure our long-term viability and sustainability […] While regrettable, these organisational changes are necessary to align the company with our reduced capital spending programme. We take these decisions seriously, and all impacted employees have been treated fairly and with respect.

“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 Oil Sands production rising by 40% since 2012 and our ability to bring on Golden Eagle, a major North Sea development, on-stream ahead of schedule and under budget.

“Our long-term perspective continues to be fundamental to how we make decisions for our organisation. As one of the world’s largest oil and gas producers, CNOOC Ltd is focused on driving long-term stability for the company. CNOOC Ltd’s rationale for acquiring Nexen remains the same – it was not made with a short-term view, but rather to acquire, and responsibly develop long-term, quality resources.”

Nexen Energy has a joint venture interest in Aurora LNG in British Columbia, Canada, along with Inpex Corp. and JGC Corp.

Edited from press release by Callum O'Reilly

Read the article online at: https://www.lngindustry.com/liquid-natural-gas/18032015/nexen-cuts-400-jobs-439/