Sinopec buys Canadian oil and gas fields

Beijing (CNS) -- Sinopec International Exploration and Production Corporation (SIPC) successfully bought the Canadian energy firm Daylight Energy on Friday, announced the Chinese energy giant December 23.

Sinopec signed a contract with Daylight in October, which entitles it the ownership of 69 oil and gas fields in northwest Alberta and northeast British Columbia, at a unit price of 10.08 Canadian dollars, totaling about 2.2 billion CAD.

Daylight had a daily average yield equivalent to 38,000 barrels of oil during the first half of 2011.

Ranking fifth among the 2011 Fortune 500, Sinopec claims to have taken advantage of Daylight's current management, technology and human resources to effectively explore opportunities in the Canadian oil industry.