CNOOC's Nexen slows down development of Kinosis oil sands project

Tue Mar 17, 2015 1:08pm EDT
 
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CALGARY, Alberta, March 17 (Reuters) - Nexen Energy, a wholly owned subsidiary of China's CNOOC Ltd <0883.HK > said on Tuesday the next phase of its Kinosis oil sands project in northern Alberta, currently in the early stages of engineering design, had been slowed.

Nexen has regulatory approval for 70,000 barrels per day of development at Kinosis.

The company also announced on Tuesday it would be laying off 400 employees in North America and the United Kingdom because of low oil prices. (Reporting by Nia Williams; Editing by Chris Reese)