Sinopec to buy Canadian oil, shale-gas explorer Daylight Energy for $2.1 bn
10 Oct 2011
China Petrochemical Corp, known as Sinopec, is acquiring Canadian oil and shale-gas explorer Daylight Energy Ltd for about C$2.2 billion ($2.1 billion) the company's largest acquisition this year.
Sinopec's subsidiary, Sinopec International Petroleum Exploration and Production Corp is buying Alberta-based Daylight, which owns large tracts of land in Alberta and north-east British Columbia that contain potentially significant quantities of natural gas.
The company has a balanced mix of crude oil, liquids-rich natural gas and shale gas.
Daylight has over 100,000 net acres of land in the West Central Alberta, a region that has extensive oil and high liquids natural gas production from multiple zones including the Bluesky, Cardium, Notikewin and Wilrich formations.
It owns over 64,000 net acres in Pembina, which is adjacent to Canada's largest conventional oilfield. The massive Pembina conventional oil pool has produced over 1 billion barrels of oil since discovery in the 1950's.
It also owns more than 160,000 acres of land at Elmworth, an area that contains several natural gas deposits. These lands are centered in the highly prospective "Deep Basin" area of Alberta and Northeastern British Columbia, one of the primary natural gas development areas in North America.
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