NEXEN CUTS 400 JOBS

Nexen Energy ULC, a wholly owned subsidiary of CNOOC Ltd., has reported organizational changes that will result in the reduction of 340 jobs in North America and 60 jobs in the UK, spurred by the decline in crude oil prices.

"While regrettable, these organizational changes are necessary to align the company with our reduced capital spending program," explained said Fang Zhi, Nexen's chief executive officer since last year.

The company's oil sands production has risen 40% since 2012. Last year, notably, production launched from Nexen's Golden Eagle area development in the UK North Sea.The company took seven additional licenses in UK's 28th offshore licensing round.

ogj.com