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CNOOC acquires stake in Alberta oil sands

By OGJ editors
HOUSTON, Apr. 12 -- State-owned CNOOC Ltd. of China said its subsidiary, CNOOC Belgium, agreed to buy a 16.69% stake in privately owned MEG Energy Corp., Calgary, for $150 million (Can.), giving CNOOC entry into Alberta oil sands acreage.

MEG owns 100% interest in oil sand leases covering 32,900 acres with estimated potential of 2 billion bbl.

"This move provides a good chance for us to exploit the advanced technology and expertise of oil sand development," said CNOO Chairman and CEO Fu Chengyu. "These skills may help facilitate the exploitation of oil sand and shale in China, where large reserves of oil sand and shale were found in recent years."

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