Sinopec Daylight seeking joint venture partner

Sinopec Group is reportedly looking for joint venture partners to help develop western Canadian Montney and Duvernay assets it acquired in the $2.1-billion purchase of Daylight Energy of Calgary in 2011.

“We are not only buyers, but also actively seek joint venture partners to optimize assets,” Feng Zhiqiang, chief executive and chairman of Calgary-based Sinopec Daylight Energy, told Reuters in an interview datelined Beijing.

Feng took over as CEO in September when Anthony Lambert abruptly retired as president and CEO, a position he had also held with Daylight.

Feng was also recently appointed chairman of North America operations for Sinopec International Petroleum Exploration and Production Corp, Sinopec Group’s main acquisition vehicle.

A sale of a foreign asset would be a rare move for one of China’s state-owned energy companies, which have spent hundreds of billions of dollars buying oil and gas resources from North America to Australia.

Feng reportedly said Sinopec Daylight would remain the operator of the assets.