Sinopec to buy Canada's Daylight Energy
Oct 10, 2011 12:00 AM
Chinese major Sinopec has signed an agreement to purchase Canadian oil and gas exploration and production company Daylight Energy for $ 2.1 bn.
In intermediate upstream firm, Daylight holds interest in 69 oil, liquids-rich and natural gas fields in the Deep Basin of Northwest Alberta and Northeast British Columbia, Canada, with production in the first half of 2011 averaging 38,000 barrels of oil equivalent a day.
The purchase is subject to Daylight shareholder approval, as well as regulatory approval from the Chinese and Canadian government.
The purchase strengthens Sinopec's effort to acquire oil and gas acreage in North America.
