Talisman Energy Inc. (TSX: T.TLM, Stock Forum) said it has completed a joint venture transaction with Addax Petroleum UK Ltd. (APUK), an indirect wholly-owned subsidiary of China Petrochemical Corp. (Sinopec Group) (NYSE: SNP, Stock Forum).
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 through Talisman Energy (UK) Ltd.
According to the Talisman Energy press release, Sinopec Group has acquired a 49% equity interest in Talisman's UK North Sea business for $1.5 billion. Talisman will continue to hold 51% of the joint venture company.
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.
Sinopec Group is China's largest integrated energy and petrochemical companies, with business scope across the entire oil & gas value chain.
Talisman Energy is a global upstream oil and gas company, headquartered in Canada.
On Monday, Talisman was up 0.54% and was trading at $11.07 a share. The company has a market cap of $11.4 billion, based on 1 billion shares outstanding. The 52-week high and low was $14.69 and $9.72 respectively.