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CNOOC Luxembourg to acquire oil sands developer OPTI Canada

July 20/2011

(Platts) -- China's offshore oil and gas producer CNOOC Ltd said Wednesday that its subsidiary CNOOC Luxembourg has entered an agreement to acquire oil sands developer OPTI Canada for approximately USD 2.1 bln. The transaction is expected to be completed in the fourth quarter of this year, subject to government and regulatory approvals, CNOOC said in a statement.

OPTI owns a 35% stake in the Long Lake oil sands project, while operator Nexen holds the balance.  The Long Lake project includes a steam assisted gravity drainage operation and an upgrader.

According to CNOOC, the SAGD Operation is expected to have throughput rates of approximately 72,000 b/d of bitumen at full production and the upgrader is expected to produce approximately 58,500 b/d of sweet crude at full capacity.

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