CNOOC completes acquisition of OPTI Canada for $2.1bn

CNOOC subsidiary CNOOC Luxembourg has finalised the acquisition of Canadian firm OPTI Canada for a total value of $2.1bn.

With this acquisition, CNOOC will hold a 35% stake in the Long Lake project, which is operated by Nexen, and interests in three other projects in the Athabasca region.

The Long Lake project covers an area of 121km² and will produce up to 20,000 barrels per day of premium sweet crude for over 40 years.

OPTI will file an application to delist its shares filed with the TSX Venture Exchange and will redeem all of its outstanding first lien notes.

CNOOC CEO Li Fanrong said that with Nexen’s partnership, the firm will fully explore the Long Lake project and other three jointly owned oil sands leases.