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CNOOC to buy Canada oil sands producer for US$2.1b
By Richard Fu |
July 20, 2011, Wednesday
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Online Edition
Online Edition
CNOOC Ltd has agreed to acquire oil sands producer OPTI Canada Inc for US$2.1 billion in cash and debt, China's dominant offshore oil producer said today.
The principal asset of OPTI consists of a 35 percent stake in the Long Lake project and three other projects located in the Athabasca region of northeastern Alberta, Canada, according to Beijing-based CNOOC.
"We are pleased to expand our presence in oil sands business after our successful investment in MEG," CNOOC CEO Yang Hua said in a statement, referring to the Canadian oil-sands producer in which CNOOC bought a stake in 2005.
Chinese companies such as Sinopec have acquired oil sands assets in Canada in recent years, tapping the unconventional petroleum deposit amid soaring crude oil prices.
The principal asset of OPTI consists of a 35 percent stake in the Long Lake project and three other projects located in the Athabasca region of northeastern Alberta, Canada, according to Beijing-based CNOOC.
"We are pleased to expand our presence in oil sands business after our successful investment in MEG," CNOOC CEO Yang Hua said in a statement, referring to the Canadian oil-sands producer in which CNOOC bought a stake in 2005.
Chinese companies such as Sinopec have acquired oil sands assets in Canada in recent years, tapping the unconventional petroleum deposit amid soaring crude oil prices.
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