Sinopec Canada is a diversified oil and natural gas company, made up of three business units.
Sinopec Daylight: Formed following the acquisition of Daylight Energy, Sinopec Daylight is the operated portion of Sinopec Canada. Sinopec Daylight is a Montney focused business, with core assets in the Wapiti area south of Grande Prairie. Wapiti lands include 137,000 acres of Montney rights in the over-pressured, liquids rich window. In addition, Sinopec Daylight includes oil weighted assets in the Pembina area with production from the Nisku, Rock Creek, Ellerslie, Cardium, and Belly River formations; and West Central gas weighted assets with production from the Bluesky, Wilrich, Falher, Nikanassin, and Cardium formations. Current production is 25,000 boepd net.
North Montney Joint Venture: Sinopec Canada holds a 10% interest in the Montney mega-project in northeast British Columbia. Operated by Progress Energy, Sinopec participates in annual development programs and works with Progress and fellow partners Japan Petroleum Exploration Co., Ltd. (JAPEX), PetroleumBRUNEI, and IndianOil Corporation. With current production at 8,500 boepd net, the North Montney joint venture is the largest natural gas reserves owner in Canada with approximately 800,000 acres of largely contiguous Montney mineral rights and more than 15,000 identified drilling locations.
Syncrude: Sinopec Canada holds a 9.03% working interest in the Syncrude Oilsands joint venture. A key cashflow generator for Sinopec Canada, Syncrude provides an ideal complement to Sinopec’s portfolio with the production of 30,000 bbl/d net Syncrude synthetic crude from its facilities in Fort McMurray. Syncrude operations involve surface mining oil sand, extracting the raw oil known as bitumen from the sand using water-based processes, and upgrading that bitumen into a high quality, light sweet crude oil through fluid coking, hydroprocessing, hydrotreating and reblending.
Sinopec Canada is a subsidiary of Sinopec International Petroleum Exploration and Production Corporation (SIPC) and is owned by China Petrochemical Corporation (Sinopec Group), one of the world’s largest enterprises. China Petrochemical Corp. is a major state-owned energy and chemicals company in China, headquartered in Chaoyang District, Beijing. Sinopec's business includes international and domestic oil and gas exploration, production, refining, storage, and transportation, as well as construction and installation of petroleum projects and downstream services and sale of petrochemical products. Sinopec is the largest refining company and oil and petrochemical product supplier in China, as well as the second largest oil and gas producer in China. Sinopec was ranked 3rd largest company by revenue on the Fortune Global 500 list for 2017.