With two billion acquisitions, the Chinese oil industry causes a stir. After purchasing the conglomerate Nexen by CNOOC, Sinopec, grabs 49 percent of the North Sea from Talisman Energy promotion.
A Sinopec gas station in Singapore.
China's Sinopec oil company bought up for $ 1.5 billion in the North Sea activities of Canada's Talisman Energy competitors. Sinopec acquire a stake of 49 percent, said Canada's sixth largest oil and gas company said on Monday. Together with the Chinese, they would form a joint venture. In the first quarter, Talisman promoted in the North Sea 89 000 barrels of oil daily. Overall, the company operates through its subsidiary British North Sea fields and operates 46 drilling rigs eleven.
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Canadians have long sought a prospect to get back their share of the North Sea activities. There, high taxes push the revenue. In addition, the flow does not meet expectations. Talisman will now focus more on the shale gas fields in North America and the oil fields in Southeast Asia and buy back its own shares, to bring the share price bobbing on its feet.
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The state-owned Chinese oil giant CNOOC wants to take over the oil and gas company Nexen.
The deal between Sinopec and Talisman was the second major transaction between a Chinese and a Canadian company in a day. The state-owned energy company CNOOC also announced on Monday to buy for 15.1 billion U.S. dollars, the Canadian company Nexen.
