CNOOC strikes $2.1 billion deal to buy Opti Canada

CNOOC struck a $2.1 billion deal to buy Opti Canada as the Chinese oil producer seeks to add another oil sands property to its portfolio.

CNOOC, which is China's largest producer of offshore crude oil and natural gas, will pay $34 million to the equity shareholders of Opti, $1.18 billion to holders of notes and assume around $825 million of Opti’s debt. Opti filed for bankruptcy earlier this month so creditors are effectively calling the shots.

Opti’s principal asset is a 35% working interest in the Long Lake project and three other project areas located in northeastern Alberta. The balance 65% of the Long Lake project...