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

  • 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.
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