Zhong said that the acquisition

Zhong said that the acquisition will not contribute to CNOOC's net profit this year.

"It's a strategic move. Oil companies such as CNOOC can extend their industry chain by participating in oil sands and other unconventional oil," said He Wei, a senior analyst at BOCOM International Holding Co, an investment bank headquartered in Hong Kong.

CNOOC acquired a 16.69 percent stake of MEG, a Canadian oil sands company,,hair weave, for C$150 million ($158.48 million) in 2005. MEG is estimated to have more than 4 billion barrels of geological bitumen in its 52 contiguous sections in Alberta.

Speaking of the Opti deal, Yang Hua, CEO of Hong Kong-listed CNOOC Ltd, said: "We are pleased to expand our presence in the oil sands business after our successful investment in MEG."

After the acquisition, CNOOC's proven reserves will rise by 5 percent to 3.15 billion barrels of oil equivalent, while its production will reach 910,091 barrels of oil equivalent a day.

Canada owns one of the world's biggest oil sands reserves. The country is estimated to have about 175 billion barrels of recoverable reserves of oil, the second-largest after Saudi Arabia. Most of the reserves are in the oil sands located in Alberta.,sheepskin boots,,Mbt shoes,

PetroChina, China's biggest energy company by output, acquired a 60 percent stake of Athabasca Oil Sand Corp's two oil sands projects in Alberta province for $1.7 billion in 2009.

"We have ample cash in hand and will continue to pursue other acquisition opportunities that are in line with our company's strategies," CNOOC's Zhong said.