Sinopec buys 49% stake of Talisman UK North Sea assets for $1.5bn

24 July 2012 03:45  [Source: ICIS news]

SINGAPORE (ICIS)--Chinese oil major Sinopec announced on Tuesday that it has signed a formal agreement with Canada’s Talisman Energy to acquire a 49% interest in its UK North Sea business for $1.5bn (€1.23bn).

The transaction is expected to close by the end of this year, subject to government and regulatory approvals, Sinopec said in a statement.

Talisman Energy owns 51 oilfields in UK North Sea, among which 35 are operated by the company itself, according to the statement.

The acquisition will further expand Sinopec’s overseas oil and gas businesses and contribute to its production growth in the five years period ending 2015, it said. 

($1 = €0.82)

By: Fanny Zhang
+65 6780 4359

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