Deal Insight
CNOOC acquires OPTI for US$2.1 billion
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
In the first significant oil sands acquisition of 2011, CNOOC Ltd has acquired OPTI Canada in a deal worth US$2.1 billion (Ca$2 billion). Under Wood Mackenzie's base case assumptions, we value OPTI's portfolio at US$3.5 billion (NPV10, discounted to 1 September 2011). OPTI's only producing asset is a 35% stake in the Nexen-operated Long Lake development. The project, which achieved first production in 2008, includes a Steam Assisted Gravity Drainage (SAGD) bitumen extraction ...
Table of contents
- Executive summary
- Transaction details
-
Upstream assets
- Long Lake and Kinosis
- Leismer and Cottonwood
- Production problems
- Upgrader
- Deal analysis
-
Upsides and risks
- Upsides
- Risks
-
Strategic rationale
- CNOOC Ltd
- OPTI Canada
- Oil & gas pricing and assumptions
Tables and charts
This report includes the following images and tables:
- Executive summary: Table 1
- US$ per bbl vs comparable deals; and NPV Price Sensitivities
- Deal analysis: Table 1
- Deal analysis: Table 2
- Oil & gas pricing and assumptions: Table 1
- Oil & gas pricing and assumptions: Table 2
- Upstream assets: Table 1
- CNOOC overseas entitlement production forecast
- Strategic rationale: Table 1
- OPTI capex and production - Wood Mackenzie Q4 2008 vs current estimates
What's included
This report contains:
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