• 4 minutes China's Economy and Subsequent Energy Demand To Decelerate Sharply Through 2024
  • 7 minutes Beijing Must Face Reality That Taiwan is Independent
  • 11 minutes Phase One trade deal, for China it is all about technology war
  • 14 minutes Shale Oil Fiasco
  • 20 mins We're freezing! Isn't it great? The carbon tax must be working!
  • 2 hours Which emissions are worse?: Cows vs. Keystone Pipeline
  • 10 hours Trump capitulated
  • 17 hours Thanks to Trump, the Iranian Mullahs Are Going Bankrupt
  • 1 hour Indonesia Stands Up to China. Will Japan Help?
  • 3 hours What's the Endgame Here?
  • 35 mins Trump has changed into a World Leader
  • 3 hours Turkey Muscles-In on Israel-Greece-Cyprus EastMed Gas Pipeline Deal. Erdogan Still Dreaming of Ottoman Empire II.
  • 10 hours US Shale: Technology
  • 11 hours Gravity is a scam!
  • 1 day Yet another Petroteq debt for equity deal
  • 1 day Three oil pipeline projects inch toward goal-line for Canada
  • 1 day The Libyan Oil in a Sea of Chaos, War and Disruptions
China Finds Oil In Asia’s Deepest Onshore Well

China Finds Oil In Asia’s Deepest Onshore Well

China National Petroleum Corporation (CNPC)…

The New Energy Superpower In The Middle East

The New Energy Superpower In The Middle East

Russia has become increasingly powerful…

China’s Petrochemical Corp. Invests in Canada

China’s Petrochemical Corp., also known as the Sinopec Group, has agreed to buy Canadian oil and gas explorer Daylight Energy Ltd. for $2.1 billion.
 
The Sinopec purchase is only the latest of recent Chinese investments in Canada’s booming energy industry. Two months ago China National Offshore Oil Corporation (CNOOC), China's dominant offshore oil producer, agreed to acquire bankrupt oil producer Calgary, Alberta-based company OPTI Canada Inc. for $2.1 billion. Last year Sinopec Group paid ConocoPhillips $4.65 billion for a 9.03 percent share stake in Canada’s Syncrude oil fields.
 
Daylight Energy Ltd. chief executive Anthony Lambert commented that the Sinopec Group offer "recognizes the highly attractive asset portfolio and exceptional terms we have assembled at Daylight," The Shanghai Daily reported.

In 2010 Daylight Energy Ltd.'s proven and probable reserves rose 46 percent to 174 million barrels of oil, 70 percent of which is natural gas.
 
The Sinopec Group-Daylight Energy Ltd. deal, which has been approved by Daylight's board, must still be approved by Daylight shareholders and the Chinese and Canadian governments.
 
Daylight Energy Ltd. went public on the Toronto Stock exchange in 2004. The Sinopec Group purchase will give the company the right to explore and develop 30,000 acres of Canadian oil and natural gas concessions.

By. Joao Peixe, Deputy Editor OilPrice.com



Join the discussion | Back to homepage


Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News