Chinese oil companies continue the trend of overseas investment in exploration and production at the beginning of 2012. Sinopec International Petroleum Exploration ＆ Production Corporation （SIPC）, a subsidiary of Sinopec Group, invested US$2.2 billion in exchange for one-third of five new venture plays owned by Devon, according to a statement released by Devon in January 2012, a leading United States-based independent oil and gas producer.