Sinopec acquires 49% in Talisman's UK North Sea Assets for US$1.5 billion
Talisman has announced the divestment of a 49% share in its UK assets to Sinopec for a consideration of US$1.5 billion (£967 million). This is the largest UK-focused deal this year, and gives a further boost to a buoyant UK M&A market. The deal, along with CNOOC's acquisition of Nexen which was also announced on the same day, marks the first time a Chinese NOC has gained a material position in the UK upstream sector. Sinopec's acquisition implies there are opportunities ...