Canada’s Oil And Gas Sector Sees Record Job Losses

mentalfloss

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Jun 28, 2010
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Canada’s Oil And Gas Sector Sees Record Job Losses​


A total of 37 percent of oil and gas companies in Canada resorted to permanent layoffs due to the pandemic-driven oil price and oil demand slump.

Apart from permanent layoffs, other measures included a hiring freeze for 35 percent of companies, a reduction in executive pay for 29 percent, a reduction in worker pay for 28 percent of firms, temporary layoffs implemented in 27 percent of companies, and a reduction in hours for 21 percent of energy companies.

 

mentalfloss

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Jun 28, 2010
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Just getting you guys ready.

Hopefully JK is diversifying your economy.
 

Twin_Moose

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Are you surprised that they were the first to get it? Nexen should be getting one soon as well ;)

CNOOC Petroleum North America ULC, formerly known as Nexen, is a Chinese-owned oil and gas company based in Calgary, Alberta. Originally the Canadian subsidiary of US-based Occidental Petroleum, it became an independent company, Nexen, in 2000. Nexen was acquired by Hong Kong-based CNOOC Limited in 2013, and was rebranded under the current name at the end of 2018. It has three growth strategies as of 2013: oil sands and shale gas in western Canada as well as conventional exploration and developm
Founded: July 12, 1971
Headquarters: Calgary, Alberta, Canada
Number of employees: 3,000 (2013)
Revenue: $6.7 billion CAD (2012)

CNOOC Petroleum North America ULC - Wikipedia


en.wikipedia.org/wiki/Nexen
 
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taxslave

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Canada’s Oil And Gas Sector Sees Record Job Losses​


A total of 37 percent of oil and gas companies in Canada resorted to permanent layoffs due to the pandemic-driven oil price and oil demand slump.

Apart from permanent layoffs, other measures included a hiring freeze for 35 percent of companies, a reduction in executive pay for 29 percent, a reduction in worker pay for 28 percent of firms, temporary layoffs implemented in 27 percent of companies, and a reduction in hours for 21 percent of energy companies.

And yet people from all over the country are still working in the Alberta oilfields. Just imagine how many more former Quebec factory labours could have good paying jobs in the O&G sector if we had some much needed pipelines to both coasts and even a small portion of the subsidies flaky renewable energy projects get.
 
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DaSleeper

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Northern Ontario,

mentalfloss

Prickly Curmudgeon Smiter
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Why would a Jedi Knight worry about our economy.. Oh Just Kidding

:)

Keystone XL, Trans Mountain and Line 3 last pipelines Canada will ever need, says energy regulator​


De Silva notes that if the three oil and gas pipelines under construction get finished — Keystone XL, Trans Mountain and Enbridge Line 3 — they will together be the final pipelines Canada needs to build to handle the projected growth and fossil fuel production before it begins to decline.

 

bob the dog

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Aug 14, 2020
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If you don't laugh, you would cry.

Canadian banks have not been about Canadians for a long time now. Agree with the mid 70's timeline as a turning point.

99% of all Canadian investment flows through New York. American stocks are considered domestic rather than foreign. Of course the banks invest globally but try as an individual to buy a 10 yr Russian government bond paying 6%. It's out there but you can't get it. Economists recommend 20% of your portfolio to be China based but it is an arduous task to invest in a Fortune 500 company listed on the Hong Kong exchange.

16 global stock exchanges with trillion $ market caps. TSE is not one.

One thing about the global powers controlling the Canadian economy is that they do it well. Skids are well greased mind you.
 
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Twin_Moose

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:)

Keystone XL, Trans Mountain and Line 3 last pipelines Canada will ever need, says energy regulator​


De Silva notes that if the three oil and gas pipelines under construction get finished — Keystone XL, Trans Mountain and Enbridge Line 3 — they will together be the final pipelines Canada needs to build to handle the projected growth and fossil fuel production before it begins to decline.

Yeah OK, if you say so
 
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