Canadian energy firm sells UK division

A North American energy company which operates a major North Sea oil field is selling its British division for €2.1bn, it was announced today.

Canadian firm EnCana is to sell EnCana UK Ltd to Canadian energy and chemicals company Nexen Inc.

EnCana operates the North Sea’s Buzzard Field, which is Britain’s largest oil discovery in 10 years.

EnCana UK Ltd, which is based in London and Aberdeen, employs about 350 people.

Today EnCana said there was no danger of job losses as all staff would remain employed by Nexen.

EnCana UK Ltd’s external affairs manager, Sucharita Seti, said the company had decided to sell its UK division as it was “sharpening its focus” on its North American market.

“The sale is as a going concern, so that includes the employees as well as the assets,” she said.

“For the people at EnCana UK Ltd it is a case of business as usual – it is a new parent company, a new name on the door, but the business stays the same.”

As well as the Buzzard Field, the sale also includes the handover of the North Sea Scott and Telford oil-producing fields.