Sinopec eyes up North Sea opportunities

The state-owned Chinese oil and gas giant Sinopec is eyeing more acquisitions in the North Sea.

Yi Zhang, chief executive of Sinopec's Addax subsidiary, said: "There are several targets at the evaluation stage. I believe that this year something will be done."

The executive did not give details of Addax's acquisition targets, adding only that it was most likely to target another joint venture partnership similar to the one it has with Talisman.

"We are looking at partnerships, not just pure acquisitions," he said.

Sinopec entered the North Sea last July with the purchase of, a 49% stake in the UK business of Canada's Talisman for $1.5 billion (£1bn).