(EnergyAsia, November 29 2011, Tuesday) — CNOOC Ltd, China’s leading offshore oil company, said it has completed its C$2.1 billion acquisition of Opti Canada Ltd, a financially stricken oilsands producer in Alberta province.

The acquisition gives CNOOC a 35% stake in the Nexen-operated C$6.1-billion Long Lake oil sands project, which is producing below its 72,000 b/d.

Dragged down by losses at Long Lake, Opti was forced to seek protection from creditors in July, turning to the Chinese state-owned giant which already has a 14% stake in another Alberta oilsands producer, MEG Energy Corp.

CNOOC Limited said the acquisition was effected by wholly-owned subsidiary CNOOC Luxembourg Sarl, which will seek to delist Opti from the Toronto-based TSX Venture Exchange by December 1.

Li Fanrong, who became CNOOC Limited’s CEO last week, said the acquisition has enabled the company to deepen its reach into the oil sands business, making it “one of the most important assets” in its global portfolio.

“Through partnership with Nexen, CNOOC Limited expects to fully exploit the growth potential of the Long Lake project and their three other jointly owned oil sands leases.”