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.

Related Articles

Cenovus gets AER approval for Grand Rapids oil sands project

03/21/2014 Cenovus Energy Inc. reported that it has received approval from the Alberta Energy Regulator (AER) for its wholly owned Grand Rapids thermal oil sa...

Ivanhoe halts Tamarack oil sands project citing lack of regulatory ‘clarity’

03/18/2014 Ivanhoe Energy Inc. has suspended activity on its Tamarack oil sands project pending approval for its thermal oil sands application from the govern...

CAPP: Emissions monitoring Continues in Alberta oil sands

03/10/2014 Alberta's oil sands producers have monitored emissions for potential public health impacts with the province's government for a while, the Canadian...

Keystone XL national interest comments deadline approaches

03/06/2014 Groups on both sides said support has grown for their positions as the US Department of State’s Mar. 7 deadline approached for comments on whether ...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected