CNOOC completes acquisition of oil sands operator OPTI
A unit of CNOOC Ltd. completed its $2.1 billion acquisition of Canadian oil sands producer OPTI Canada Inc., Calgary (OGJ Online, July 20, 2011).
OPTI has a 35% working interest in Long Lake and three other oil sands project areas in the Athabasca region of northeastern Alberta.
Now an indirect wholly owned subsidiary of CNOOC, OPTI will ask the TSX Venture Exchange to delist OPTI shares. Subject to approval by the exchange, the delisting of the OPTI shares is anticipated on Dec. 1.
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).
Nexen Inc., Calgary, operates Long Lake with 65% interest. The Long Lake SAGD project is expected to have throughput of 72,000 b/d of bitumen at full production. It is anticipated that the Long Lake upgrader ultimately will produce 58,500 b/d of products, mainly 39° gravity premium sweet crude.
OPTI's three other oil sands project areas are Kinosis, Leismer, and Cottonwood.
Paula Dittrick | Senior Staff Writer
Paula Dittrick has covered oil and gas from Houston for more than 20 years. Starting in May 2007, she developed a health, safety, and environment beat for Oil & Gas Journal. Dittrick is familiar with the industry’s financial aspects. She also monitors issues associated with carbon sequestration and renewable energy.
Dittrick joined OGJ in February 2001. Previously, she worked for Dow Jones and United Press International. She began writing about oil and gas as UPI’s West Texas bureau chief during the 1980s. She earned a Bachelor’s of Science degree in journalism from the University of Nebraska in 1974.