Canadian oil and gas producer Talisman Energy Inc. (TLM,TLM.TO) on Monday announced the completion of its joint venture transaction with Addax Petroleum UK Limited, an indirect wholly-owned subsidiary of China Petrochemical Corp. (SNP) or Sinopec Group following receipt of government and regulatory approval.
The completion follows the original announcement of the transaction in July this year. Sinopec Group has acquired a 49% equity interest in Talisman's UK North Sea business, Talisman Energy (UK) Limited or TEUK, for $1.5 billion. Talisman said it will continue to hold 51% of the joint venture company.
Talisman stated that 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.
Talisman added that Talisman Sinopec Energy UK Limited will operate the assets, and Sinopec Group will appoint select personnel into key positions within the organization, strengthening an already strong team. The joint venture company is based in Aberdeen, Scotland and employs 564 full-time employees, with approximately 1,950 core contractors.
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