Addax Petroleum Corporation (Addax Petroleum), a wholly-owned subsidiary of China Petrochemical Corporation (Sinopec Group) today announced the completion of its joint venture transaction with Talisman Energy Inc. (Talisman) (TSX:TLM) (NYSE:TLM).
The completion of the acquisition follows the original announcement of the transaction in July this year. Sinopec Group, through Addax Petroleum UK Limited (APUK), has acquired a 49% equity interest in Talisman’s UK North Sea business, Talisman Energy (UK) Limited (TEUK), for $1.5 billion. Talisman will continue to hold 51% of the joint venture company, while Talisman Energy (UK) Limited will be renamed Talisman Sinopec Energy (UK) Limited.
Commenting today, Addax Petroleum’s Chief Executive Officer Yi ZHANG said: "Entry into the UK North Sea is in line with Sinopec’s internationalisation strategy and represents an important step forward in Addax Petroleum’s development. This transaction helps to further diversify our company's portfolio and support its continuous growth. It also brings additional resources and opportunities to create both economic and societal value in the region. We are delighted to partner with Talisman; we value the expertise the Talisman teams bring, and we look forward to joining forces as we move forward in achieving our goals and making significant capital investments in the UK Central North Sea"."
About Talisman Sinopec Energy (UK) Ltd.
Talisman entered the North Sea in 1994 and today holds operated and non-operated interests in 46 fields, and operates 11 offshore installations and an onshore terminal. The portfolio includes opportunities for infill wells, project developments and exploration.