CNOOC to Acquire OPTI Canada - CNOOC will Strengthen its Presence in Canadian Oil Sands - Deal Analysis from GlobalData

Date: July 1, 2011
Pages: 9
Price:
US$ 500.00
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Publisher: GlobalData
Report type: Strategic Report
Delivery: E-mail Delivery (PDF)
ID: C53562F0353EN
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CNOOC to Acquire OPTI Canada - CNOOC will Strengthen its  Presence in Canadian Oil Sands - Deal Analysis from GlobalData
CNOOC to Acquire OPTI Canada - CNOOC will Strengthen its Presence in Canadian Oil Sands - Deal Analysis from GlobalData

Summary

CNOOC Limited (CNOOC), through its indirect wholly-owned subsidiary, CNOOC Luxembourg S.a r.l, entered into an agreement to acquire the second lien notes and all of the outstanding shares of OPTI Canada Inc. (OPTI) for a purchase consideration of $2.1 billion. Scotia Waterous Inc. and TD Securities Inc. are acting as financial advisors, while Macleod Dixon LLP is acting as legal advisor to OPTI for the transaction. BMO Capital Markets and CIBC World Markets are acting as financial advisors, while Gowling Lafleur Henderson LLP is acting as legal advisor to CNOOC for the transaction. The transaction is subject to certain terms and conditions including, among other things, applicable government and regulatory approvals by the relevant authorities in Canada and the People’s Republic of China, and Alberta court approval. The transaction is expected to be completed in the fourth quarter (Q4) of 2011. The transaction implies deal values of $23,091.13 per acre of acquired acreage, $235,955.06 per barrel (bbl) of bitumen daily production, $10.77 per barrel of oil equivalent (boe) of proved (1P) bitumen reserves, $2.88 per boe of proved and probable (2P) bitumen reserves, $2.48 per boe of proved, probable and possible (3P) bitumen reserves, $6.27 per boe of prospective resources and $1.91 per boe of contingent bitumen resources.

Scope
  • Rationale behind CNOOC acquiring OPTI Canada
  • Strategic benefits for the companies involved,
  • Geography covered -Hong Kong Special Administrative Region of China

Reasons to buy
  • Develop a sound understanding of the major M&A's, Partnerships, and Joint Ventures taking place in Asia-Pacific industry,
  • Identify the most lucrative segments to leverage on the growth oppurtunities available in the Hong Kong Special Administrative Region of China's oil & gas market,
  • Get a detailed analysis of a deal to enable you to take better decisions.
1 TABLE OF CONTENTS

1.1 List of Tables
1.2 List of Figures

2 CNOOC TO ACQUIRE OPTI CANADA

2.1 Deal Overview
2.2 Deal in Brief
2.3 Following the Completion of the Acquisition, OPTI will Become an Indirect Wholly-owned Subsidiary of CNOOC
2.4 CNOOC is Using M&A Route to Map Growth Strategy and Diversify its Geographical Presence
2.4 CNOOC is Using M&A Route to Map Growth Strategy and Diversify its Geographical Presence
2.5 OPTI has been Looking for Strategic Alternatives to Address its Leverage and Liquidity Position
2.6 The Current Deal is Under-priced Compared to Other Oil Sands Asset Transactions and Acquisitions in Canada in 2010
2.7 Deal Financials and Valuations

3 APPENDIX

3.1 Methodology
3.2 Contact Us
3.3 Disclaimer 9

LIST OF TABLES

Table 1: CNOOC, Asset Transactions, Acquisitions and Partnership Details, January 2010 – July 2011
Table 2: Canada, Oil Sands Asset Transactions and Acquisitions Details, 2010
Table 3: Companies Involved
Table 4: Financials of the Deal
Table 5: Advisor Information
Table 6: Target Information
Table 7: Target’s Financial Information
Table 8: Share Price Information
Table 9: Company Valuation Multiples
Table 10: Target’s Production and Reserves Information
Table 11: Company Valuation Multiples
Table 12: Commodity Prices in $, Last Close
Table 13: Acquirer Information 8

LIST OF FIGURES

Figure 1: Ownership Structure of Long Lake, Kinosis, Leismer, and Cottonwood Assets Post – Acquisition
Figure 2: OPTI, Oil Sands Assets, Location Map, February 2011
Figure 3: OPTI, Oil Sands /Bitumen Reserves and Resources, December 31, 2010
Figure 4: CNOOC – OPTI Deal, Contribution to Proved Reserves Growth of CNOOC
Figure 5: CNOOC – OPTI Deal, Contribution to Daily Production Growth of CNOOC 4

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