Sinopec Casts Eyes on Overseas Targets

State-owned Sinopec Group is on the lookout to further expand its overseas presence with oil and gas acquisitions to feed the growing energy demand in the country.

"When we see a good a opportunity and one that can give us good shareholder value, we can do it. Right now we are looking for opportunities," group chairman Fu Chengyu said at a media conference at Hong Kong.

While he declined to put a time frame for new acquisitions, he made it clear that the overseas drive is a sresut of China's surging energy demand and the state-run prospector will have to be pro-active.

Sinopec recently announced the $2.1 billion acquisition of Canadian oil and gas explorer Daylight Energy Ltd.  It also purchased an 18 percent stake in Chevron Corp's Indonesian deep-water project for $680 million.