In 2015, the … Published by 365 Bloor Street East, Toronto, Ontario, M4W 3L4. Unauthorized distribution, transmission or republication strictly prohibited. “We take all decisions on our organizational structure very seriously, and as is our practice, we will treat all affected staff fairly and with respect,” Price said. CNOOC occupied approximately 620,000 square feet of office space in the Nexen building in downtown Calgary but is downsizing to approximately 300,000 square feet across eight floors at its new location at 58-storey The Bow. On an early morning call, chief financial officer Una Power said the Calgary-based company regretted having to part ways with the four finance leadership team members but said the move was necessary to better align Nexen’s corporate organization with its peers and comply with the wishes of its owner, Beijing-based CNOOC Ltd. She said vice-presidents Mark Congram, Brendan Muller and David Shill will leave by the end of February and Cathy Ward will depart by the end of May. Nanbao 35-2 oilfield S1 area is located in the central Bohai with average water depth of 17 meters. Cnooc had planned to increase capital spending to 85B-95B yuan (~$13.3B) this year, the highest level since 2014, from 79.6B yuan in 2019, and expected to raise 2020 production to 525M boe. “As with all companies in our industry, we must take actions to remain competitive amongst our peers and ensure our long-term economic viability,” CNOOC International spokesperson Brittney Price said in an email, confirming the number of laid off staff. The head cound went from 3000 to 500. Training options are minimal. on Sunday June 21, 2015. instructions how to enable JavaScript in your web browser. Save to read list Power implied that more cuts were coming, without giving numbers, saying that most of the changes will be implemented by March 31, the end of the first quarter. Offshore news A year later, in March 2016, the company announced it was laying off another 120 staff because of economic difficulties. It also has assets in the U.K. North Sea, offshore West Africa and the United States. CNOOC had planned to raise 2020 production to 525 million boe, while capital expenditure at the company was 79.6 billion yuan in 2019. CNOOC had also recently completed an offshore project in the Gulf of Mexico with joint-venture partner Royal Dutch Shell Plc, Dunn said. Please sign in or become a member for free. CNOOC purchased Calgary-based Nexen Inc. for $15.1 billion in 2012 and made a series of commitments to the federal government to win approvals for the transaction. We have enabled email notifications—you will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments. Choose among a variety of subscription packages and stay up to date with convenient home delivery and our on the go digital e-edition. We ask you to keep your comments relevant and respectful. CNOOC’s $15.1-billion acquisition of Nexen Inc. two years ago triggered a change in Canadian foreign investment rules to ban state-owned enterprises from gaining control of oilsands assets in the future. Thursday, 26 March 2020 14:00. A call to Nexen requesting further information was not immediately returned. Oilfield Technology, In the same report, CNOOC chairman Wang Yilin said the integration of Nexen had “progressed smoothly and the overall production was in line with our expectation,” adding construction of new projects is expected to result in future growth. Sources confirmed to the Financial Post the company’s new lease downtown is significantly smaller than its previous one. Xu also said, again without giving further details, that the company will lower oil and gas production targets at its overseas projects, but maintain them for domestic sites. Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc. For full functionality of this site it is necessary to enable JavaScript. Overall morale is poor, career advancement is not existent. CNOOC had also recently completed an offshore project in the Gulf of Mexico with joint-venture partner Royal Dutch Shell Plc, Dunn said. By continuing to use our site, you agree to our Terms of Service and Privacy Policy.

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