News – full story
Talisman employs 564 full-time employees and almost 2,000 contractors
23/07/2012
Sinopec buys C$1.5bn of Talisman UK assets
No job losses expected
Richard Jansen
TALISMAN ENERGY has announced plans to sell a 49% stake in its UK North Sea business to China’s Sinopec for C$1.5bn (US$1.47bn).
The Canadian company says it will continue to operate the business, which employs 564 full-time employees and almost 2,000 contractors over 11 facilities. Sinopec will place its own staff in “key positions” throughout the operation, and help fund capital investment. No job losses are expected.
John Manzoni, president and CEO of Talisman, says that the deal “will provide additional resources and energy” to the business.
Collectively,” he adds, “we will invest more in the UK than Talisman would have on its own, leading to a stronger, more sustainable business.”
Talisman says that the newly-created joint venture plans to invest in drilling and exploration programmes, concentrating on extending field lifetimes and pushing back the need to begin decommissioning.
The deal is expected to close by the end of the year.
