Sinopec completes stake purchase in Talisman's UK North Sea assets

19 December 2012 05:53  [Source: ICIS news]

SINGAPORE (ICIS)--Sinopec has completed the $1.5bn (€1.1bn) acquisition of a 49% stake in the UK North Sea assets of Canada’s Talisman Energy, the Chinese oil major announced late on Tuesday.

Sinopec closed the deal through its wholly owned subsidiary, Sinopec International Petroleum Exploration and Production Corp.

Talisman UK has three core blocks in North Sea with a recoverable reserve of about 489m barrels of oil equivalent and the company’s equity production in those blocks reached 71,000 bbl/day of oil equivalent in 2011, Sinopec said.

The transaction is the first venture of a Chinese firm in the North Sea and is also the biggest single acquisition of British oil and gas assets this year, according to Sinopec.

($1 = €0.76)

By: Fanny Zhang
+65 6780 4359

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