Talisman to acquire CNOOC unit with Tangguh holdings

Jan. 28, 2008
Talisman Energy Inc. said one of its subsidiaries has acquired all the shares of CNOOC Wiriagar Overseas Ltd. from a subsidiary of CNOOC Ltd. for $212.5 million.

Eric Watkins
Senior Correspondent

LOS ANGELES, Jan. 28 -- Talisman Energy Inc. said one of its subsidiaries has acquired all the shares of CNOOC Wiriagar Overseas Ltd. from a subsidiary of CNOOC Ltd. for $212.5 million.

CNOOC Wiriagar holds a 3.06% interest in Indonesia's proposed Tangguh LNG project, which will include two trains producing at least 7.6 million tonnes/year of LNG. Commercial operation of both trains is scheduled to begin in 2008-09.

Other facilities at the Tangguh site will include storage tanks, an LNG tanker loading terminal, maintenance facilities, offices, and a personnel accommodations complex.

The agreement was included in the settlement of a commercial dispute between Talisman and CNOOC over ownership stakes in the project, said Talisman president and CEO John Manzoni.

"The purchase marks the end of a longstanding contractual disagreement inherited by both parties," he said.

Contact Eric Watkins at [email protected].