Nexen Canada lays off 120 people

Nexen has laid off more than 100 people.

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The Calgary-based oil and gascompany isthe Canadian subsidiary of theChina National Offshore Oil Corporation (CNOOC).

"Given the current economic reality, we havemade thedifficult decision toreduce our workforce," the company said in a statement.

"These changes impact approximately 120 Canadian employees. We take these decisions seriously, and all impacted employees have been treated fairly and with respect."