CNOOC Luxembourg is to acquire all the outstanding shares of OPTI Canada for $2.1bn.
OPTI's primary assets consist of a 35% working interest in the Long Lake project and three projects in the Athabasca region of north-east Alberta, Canada.
The Long Lake project includes a steam-assisted gravity drainage operation, which will have throughput rates of 72,000bpd of bitumen at full production, and an upgrader, which will produce 58,500bpd.
On completion of the transaction, OPTI will become an indirect wholly owned subsidiary of CNOOC, and all of the second lien notes will be transferred or assigned to a subsidiary of CNOOC.
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