Deal Insight
CNOOC acquires OPTI for US$2.1 billion
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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$3.5 billion (NPV10, discounted to 1 September 2011). OPTI's only producing asset is a 35% stake in the Nexen-operated Long Lake development. The project, which achieved first production in 2008, includes a Steam Assisted Gravity Drainage (SAGD) bitumen extraction ...
Table of contents
- Executive summary
- Transaction details
-
Upstream assets
- Long Lake and Kinosis
- Leismer and Cottonwood
- Production problems
- Upgrader
- Deal analysis
-
Upsides and risks
- Upsides
- Risks
-
Strategic rationale
- CNOOC Ltd
- OPTI Canada
- Oil & gas pricing and assumptions
Tables and charts
This report includes 10 images and tables including:
- Executive summary: Table 1
- US$ 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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