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Sinopec enters North Sea in £956million deal

Sinopec enters North Sea in £956million deal
Chinese oil giant Sinopec has announced plans to buy nearly half of the UK North Sea business of Canadian oil firm Talisman.

Chinese oil giant Sinopec has announced plans to buy nearly half of the UK North Sea business of Canadian oil firm Talisman.

In the second deal of the day involving a Chinese oil firm and a Canadian business involved in the North Sea, Sinopec said the transaction would see it buy a 49% stale in Talisman Energy (UK) for £956million.

Talisman’s chief executive and president John Manzoni said the deal would mean more would be invested in the UK.

Talisman UK has operated and non-operated interests in 46 fields. It operates 10 offshore installations, including Claymore, Piper, Tartan, Montrose/Arbroath, Fulmar, Auk and Clyde, and one floating production storage and offloading vessel.

It also operates the Flotta oil terminal in Orkney.

“This will provide additional resources and energy to the talented team on the ground, creating an exciting future for this portfolio,” said Mr Manzoni.

“Collectively, we will invest more in the UK than Talisman would have on its own, leading to a stronger, more sustainable business.”

A statement from Talisman, which entered the North Sea in 1994, said: “The joint venture plans to invest to improve ongoing operating performance, as well as infill drilling, exploration opportunities and major projects, thereby extending field life and deferring decommissioning. Talisman and Sinopec share a philosophy of safe operations, which will continue to be the number one priority of the joint venture.

“TEUK will operate the assets, and Sinopec will appoint select personnel into key positions within the organisation.”

Talisman UK, based in Aberdeen, employs 564 full-time staff with about 1,950 core contractors.

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