CNOOC to acquire Opti Canada for US$34 million

China National Offshore Oil Corp. (CNOOC) said it is acquiring Opti Canada Inc. for a reported US$34 million. Under the terms of the purchase, CNOOC, China’s largest offshore oil producer, will assume Opti Canada’s US$2.1 billion debt. Opti Canada recently filed for bankruptcy. The acquisition will expand CNOOC’s oil sands assets in Canada. The company’s primary assets are a 35% stake in the Long Lake oil sands reserve, which produces 58,500 gallons of oil per day, in addition to three other project areas in Alberta, Canada. Oil sands are bituminous sands that are made up of sand, clay, water and a form of petroleum also known as bitumen or tar. Opti’s working interest in Long Lake is estimated to be 195 million barrels of proven reserves. (July 20, 2011)