Talisman Energy Completes U.K. North Sea Joint Venture with Sinopec, Worth $1.5 Billion

Talisman Energy Inc. (TSX:TLM, NYSE:TLM) announced that its joint venture transaction with Sinopec Group has been completed.

As quoted in the press release:

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’s President and CEO, Hal Kvisle, said:

This transaction supports a number of Talisman’s key priorities. The proceeds will be used to strengthen our balance sheet, fund our global capital program and give us the financial flexibility to invest in future opportunities. Sinopec will now fund 49% of the UK capital program, allowing us to increase overall investment in the assets, which will lead to improved operational performance and a stronger UK North Sea business. We look forward to working with Sinopec in the years ahead.

To view the whole press release, click here.