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CNOOC Wraps Up Opti Canada Acquisition; Opti Trading Halted Today

CNOOC Ltd closed its C$2.1 billion acquisition of Opti Canada Ltd (OPC.V) on Monday, giving China's top offshore oil company its second stake in a Canadian oil sands property, according to a Reuters report.

Reuters said that with the close, CNOOC gains a 35% stake in the troubled Long Lake oil sands project, which operates well below its 72,000 barrels per day capacity as operator Nexen Inc (NXY.TO) works to overcome problems with the C$6.1 billion project's reservoir.

Trading of OPC shares at the TSX Venture Exchange were temporarily suspended this morning.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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