Sinopec to buy stake in Talisman's UK North Sea assets

Sinopec International Petroleum Exploration & Production Co. will acquire a 49% equity interest in Talisman Energy Inc.'s UK North Sea business for $1.5 billion, retroactive to Jan. 1. Closing is set for the end of 2012, subject to regulatory approvals. Talisman Energy said the two companies together will invest more in the assets than Talisman would have on its own and that Talisman will use $500 million of the proceeds to repurchase its own shares. The deal structure will be a corporate joint venture that will proportionately reduce Talisman's share of capital spending, production, and abandonment liabilities. Talisman said the joint venture plans to invest to improve ongoing operat...

Why Register?

Non-subscribers can only view whitepapers by providing name, home and email address, phone number and other information and comment on/rate articles.

Why Subscribe?

Oil & Gas Journal subscribers with login credentials can access these premium features of OGJ Online:

  • Current Issue – an html version of the current week's issue of Oil & Gas Journal.
  • Past Issues – An Electronic OGJ Archive. A keyword-searchable archive of all issues of Oil & Gas Journal dating back to 1990; also searchable by issue date.
  • Market Journal – a weekly round-up of the oil and gas markets, with observations from leading analysts.
  • Editor's Perspective – a short article of insight and opinion by the Editor of Oil & Gas Journal.
  • OGJ Industry Stats – quick access to current industry statistics from Oil & Gas Journal.
  • OGJ Survey Downloads - quick access to exclusive reports from Oil & Gas Journal.


Subscriber Help or Subscribe

Oil & Gas Journal Subscribers: Have your subscription number (from the mailing label on the cover of your Oil & Gas Journal) and e-mail address ready to set up your online account through Customer Service Assistant.

If you're not an Oil & Gas Journal subscriber, start a subscription and gain access to the subscriber areas of OGJ Online now.

Stay Connected