China National Offshore Oil Corp. (CNOOC) has announced that it has wrapped up its USD 2.1 billion takeover of oil sands operator Opti Canada. CNOOC entered into an agreement in July to acquire Opti which is estimated to hold about 195 million barrels of proved reserves, 534 million barrels of probable reserves, 1.1 billion barrels of contingent resources and 335 million barrels of prospective resources on its oil sands leases.
The deal will give CNOOC a 35% stake in the Nexen operated Long Lake project as well as interests in three other project areas in the Athabasca region of north-east Alberta. CNOOC said an application to delist Opti shares would be filed with TSX Venture Exchange which, pending approval, is expected to be effective on December 1st. The acquisition of Opti is the Chinese company’s second step into Canada’s oil sands with it already holding a 14.2% stake in Meg Energy which holds about 2175km2 of oil sand leases in Alberta.
The deal will give CNOOC a 35% stake in the Nexen operated Long Lake project as well as interests in three other project areas in the Athabasca region of north-east Alberta. CNOOC said an application to delist Opti shares would be filed with TSX Venture Exchange which, pending approval, is expected to be effective on December 1st. The acquisition of Opti is the Chinese company’s second step into Canada’s oil sands with it already holding a 14.2% stake in Meg Energy which holds about 2175km2 of oil sand leases in Alberta.