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CNOOC to acquire OPTI Canada for $2.1 billion

07/25/2011
A unit of CNOOC Ltd. will pay $2.1 billion for Canadian oil sands producer OPTI Canada Inc., Calgary, which filed on July 13 for creditor protection under Canada's Companies' Creditors Arrangement Act.OPTI has a 35% working interest in Long Lake and three other oil sands project areas in the Athabasca region of northeastern Alberta. 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).OPTI's working interest share, before royalties, of raw bitumen on its oil sands leases is estimated to be 195 million bbl of proved reserves, 534 million bbl of probable reserves, 1.1 billion bbl of co...
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