CNOOC completes acquisition of oil sands operator OPTI

By OGJ editors

A unit of CNOOC Ltd. completed its $2.1 billion acquisition of Canadian oil sands producer OPTI Canada Inc., Calgary (OGJ Online, July 20, 2011).

OPTI has a 35% working interest in Long Lake and three other oil sands project areas in the Athabasca region of northeastern Alberta.

Now an indirect wholly owned subsidiary of CNOOC, OPTI will ask the TSX Venture Exchange to delist OPTI shares. Subject to approval by the exchange, the delisting of the OPTI shares is anticipated on Dec. 1.

The Long Lake project includes steam-assisted gravity drainage operation that began in 2008 and an upgrader that started up in 2009 (OGJ, Aug. 11, 2008, p. 43).

Nexen Inc., Calgary, operates Long Lake with 65% interest. The Long Lake SAGD project is expected to have throughput of 72,000 b/d of bitumen at full production. It is anticipated that the Long Lake upgrader ultimately will produce 58,500 b/d of products, mainly 39° gravity premium sweet crude.

OPTI's three other oil sands project areas are Kinosis, Leismer, and Cottonwood.

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