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 March 17, 2015 - 11:00 AM EDT
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Nexen Energy ULC announces organizational changes in response to industry downturn


CALGARY, March 17, 2015 /CNW/ - Nexen Energy ULC (Nexen), a wholly owned subsidiary of CNOOC Limited, has announced organizational changes that will reduce its North American workforce by approximately 350 employees. Nexen UK has also initiated a consultation process to adjust its staffing levels by approximately 50 employees.

"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 organization to ensure our long-term viability and sustainability," said Fang Zhi, Chief Executive Officer of Nexen. "While regrettable, these organizational changes are necessary to align the company with our reduced capital spending program. 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 organization. As one of the world's largest oil and gas producers, CNOOC Limited is focused on driving long-term stability for the company. CNOOC Limited'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 remains committed to the health and safety of its employees, contractors, the environment and the communities where it operates. The company is fully compliant with all of its Investment Canada undertakings. 

SOURCE Nexen Energy ULC

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Source: Canada Newswire (March 17, 2015 - 11:00 AM EDT)

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