CNOOC-owned Nexen lays off 120 employees in Canada as latest energy company to cut costs

CALGARY – Nexen, the Calgary-based company acquired by China’s CNOOC Ltd. more than 3 years ago, says it’s cut 120 jobs in Canada.

Company spokeswoman Brittney Price said the company made the difficult decision to reduce its workforce due to the current economy.

Last March, Nexen cut 340 staff in The united states and 60 at its U.K. North Sea operations after it made cuts to its spending program.

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A quantity of oil-and-gas producers have announced layoffs recently as low oil prices have resulted in slashed spending plans for the year.

In February, producers including Husky Energy, Chevron, Statoil, Cenovus Energy, Encana and Devon Energy, as well as Trican Well Services, all announced further job cuts.

The Canadian Association of Petroleum Producers estimates that the industry cut 40,000 direct jobs this past year.