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Sinopec has agreed to buy Daylight Energy, the intermediate oil an gas company, for C$ 2.1 billion, the deal will give Sinopec access to over 300,000 acres of land rich in oil and shale gas reserves.
Chinese buyers have been particularly active in acquiring overseas resources recently because stock prices have been depressed fundraising is difficult at the moment. Daylight's shares have lost about 55% of their value this year, compared with a 25% decline in Canada's energy sub-index
China has been particularly keen to acquire natural gas reserves as the country is looking to increase the proportion of its energy mix which is made up of natural gas as it s a much cleaner burning fuel than coal and oil.
The company has stakes in 69 oil and gas fields in northwest Alberta and northeast British Columbia and the average production level was 38,000 bpd of oil for the first quarter of 2011.
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