Nexen Closing Crude Oil Trading Division
Nexen Energy, a wholly owned subsidiary of China's CNOOC Ltd, is closing its crude oil trading division following a round of job cuts announced last week, four market sources said on Monday. The Calgary-based company, which was acquired by state-controlled CNOOC in 2013 for $15.1 billion, cut 400 jobs last week in North America and the United Kingdom in response to plunging global oil prices. Three sources said Nexen was closing down its trading operations worldwide, although the majority of activity takes place in Calgary. The company will continue to market its own crude. Nexen did not immediately respond to requests for comment. In Canada, Nexen's crude oil desk is the biggest trading casualty so far of the global oil price rout, in which U.S.
Aurora LNG Submits Canada Export Bid
British Columbia’s first liquefied natural gas (LNG) proposal at Grassy Point near Prince Rupert has filed its export application with Canada's National Energy Board (NEB). "Aurora LNG is moving forward with their plans to export B.C.'s natural gas to new markets overseas," said Premier Christy Clark. "This marks another step towards realizing the transformative opportunity LNG presents us. "Filing an application for an export license is an important step," said Kevin Reinhart, CEO of Nexen. "However, we still have a lengthy process ahead of us before final investment decisions are made. Aurora LNG has filed its export application just over two weeks after signing a sole proponent agreement with the Province of British Columbia.
Athens Group Reports Record Year
Athens Group, an independent consulting company that specializes in software-related risk mitigation and problem remediation for drilling and rig control systems, announced a 66% increase in year-over-year sales during 2008 and a significant increase in booked business for 2009. New customers included Stena Drilling, Ocean Rig, Eni/Saipem, Total Nigeria, Encana, Anadarko and Nexen Energy. Repeat customers included Transocean, BP, Maersk Drilling, Total, Parker Drilling, Ensco, Repsol and Hydril. This customer activity indicates a strong understanding of the benefits of Drilling Technology AssuranceSM Services (DTA). “Drilling contractors and operators are too often forced to take rigs before they are really ready,” said Mike Haney, CEO at Athens Group.
