Sinopec strikes $1.5B deal for Talisman UK JV
Talisman Energy has completed its joint venture transaction with Sinopec subsidiary Addax Petroleum UK Limited (APUK) following receipt of government and regulatory approval, the company announced on 17 December 2012.
The deal, which was announced in July, gives Sinopec 49% equity interest in Talisman's UK North Sea Business, Talisman Energy UK Limted. In return Sinopec will pay $1.5 billion. Talisman will continue to hold 51% of the joint venture.
The focus of the joint venture will be to continue investment in asset integrity and improve ongoing operating performance as well as accelerating infill drilling, unlocking additional infrastructure-led exploration opportunities and executing major projects, thereby extending field life and deferring decommissioning.
Talisman Energy UK Limited will be renamed Talisman Sinopec Energy UK Limited.