Report: Nexen cutting jobs despite Cnooc's pledges to win takeover approval

|By:, SA News Editor

Cnooc's (CEO) Canadian subsidiary Nexen Energy is restructuring operations and cutting jobs despite pledges to Canada's government to keep all employees and senior management and turn the company into a platform for growth, Financial Post reports.

Sources say Nexen is looking to cut costs by as much as 21%, starting with senior management and progressing down through the organization; some employees were said to be released last week.

The cuts come as Cnooc grapples with operational challenges at Long Lake, its flagship project in Alberta’s oil sands.