TALISMAN Energy has confirmed it has been approached by fellow oil industry producer Repsol over "various transactions".

Madrid-based Repsol, which has an office in Edinburgh through its Repsol Nuevas Energías UK subsidiary that promotes offshore wind, is seeking acquisitions after netting more than £4 billion from the offloading of its holdings in Argentine energy firm YPF.

Canadian oil firm Talisman, which has a large presence in the North Sea through a joint venture with Sinopec, yesterday said: "There is no assurance that any transaction will be agreed."

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It said there would be no further comment on any potential deal until it was "appropriate".