- 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.
China Stock Roundup: Sinopec Gets Approval for Stake Sale, CNOOC Announces New Gas Discovery - Analyst Blog
at Zacks.com (Jan 8, 2015)