Talisman announces North Sea stake sale to Sinopec of $1.5bn

Talisman says the Sinopec deal will bring extra investment to the North Sea

The oil company Talisman is to sell a stake in almost half of its North Sea operation to Chinese energy firm Sinopec for $1.5bn (£968m).

Sinopec will acquire a 49% equity interest in Talisman's UK North Sea business.

Talisman's Aberdeen-based operation has about 2,500 staff and contractors, and involves 11 North Sea installations.

Talisman president John Manzoni said: "This will provide additional resources and energy to the talented team."

Buzzard move

He added: "Collectively, we will invest more in the UK than Talisman would have on its own, leading to a stronger, more sustainable business."

Meanwhile, China's state oil company is poised to become the new owner of the major Buzzard oil field in the North Sea.

CNOOC is set to spend nearly £10bn to buy Nexen, the Canadian company that owns the Buzzard oil field.