Nexen acquires additional 15% interest in Long Lakes Project from OPTI Canada

Thu. January 29, 2009; Posted: 07:47 AM

Jan 29, 2009 (Datamonitor via COMTEX) -- OPCDF | Quote | Chart | News | PowerRating -- Canadian oil producer Nexen has completed the previously announced acquisition of an additional 15% interest in the Long Lake Project and the joint venture lands from OPTI Canada for $735 million.

Nexen is now the sole operator of the resource and upgrader, and holds a 65% interest in the project and the joint venture lands.

The transition of upgrader operatorship from OPTI to Nexen is underway with continued focus on the safe ramp-up of production and the preservation of the extensive knowledge base that has been developed.

The main process units in the upgrader have been successfully started up and are now producing Premium Sweet Crude (PSC). Early synthetic production rates are in the range of 10,000-15,000 barrels per day (bbls/day) gross of PSC. The upgrader is expected to ramp-up to full design rates of approximately 60,000bbls/d of PSC over the next 12 to 18 months.

Marvin Romanow, Nexen's president and CEO, said: "We are excited that this transaction has now been completed. Long Lake is an attractive world class asset and we are pleased to have been able to increase our interest in the project and consolidate operatorship at the same time. This acquisition strengthens our position as one of the premier oil sands players."

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