CNOOC Ltd. subsidiary to acquire Canada's OPTI

摘要

CNOOC Luxembourg Sarl, a subsidiary of CNOOC Ltd., Hong Kong, (NYSE: CEO) plans to acquire OPTI Canada Inc., Calgary, (Toronto: OPC) for approximately US$2.1 billion. CNOOC will play US$1.25 billion in cash and assume US$825 million in debt. The principal asset of OPTI consists of a 35% working interest in the Long Lake and three other project areas in the Athabasca region of northeastern Alberta. The Long Lake project includes steam-assisted gravity-drainage (SAGD) operations and an upgrader. Nexen Inc. holds the remaining 65% and is the sole operator. The Long Lake SAGD operation is expected to have through-put rate of approximately 72,000 bbl. per day of bitumen at full production. It is anticipated that the Long Lake upgrader will ultimately produce some 58,500 bbl. per day of products, primarily premium sweet crude.