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 ...

What's included

This report contains

  • Document

    CNOOC acquires OPTI for US$2.1 billion

    PDF 494.78 KB

Table of contents

  • Executive summary
  • Transaction details
  • Upstream assets
  • Deal analysis
  • Upsides and risks
  • Strategic rationale
  • Oil & gas pricing and assumptions

Tables and charts

This report includes 10 images and tables including:

Images

  • US$ per bbl vs comparable deals; and NPV Price Sensitivities
  • CNOOC overseas entitlement production forecast
  • OPTI capex and production - Wood Mackenzie Q4 2008 vs current estimates

Tables

  • Executive summary: Table 1
  • 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
  • Strategic rationale: Table 1

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