CHINESE oil and gas company Sinopec has paid $1.5 billion (£0.96bn) for a 49% share in Talisman Energy (UK) in what is being seen as a major vote of confidence in the North Sea.
The UK arm of Talisman, headed by senior vice president Geoff Holmes, has 564 full-time employees in Aberdeen plus a further 1950 core contractors.
It has interests in 46 fields plus operates 11 offshore assets and the 395-acre Flotta Oil Terminal on Orkney.
A spokeswoman for Talisman (UK) said it was business as usual and the deal would not affect jobs.
The joint venture between Canada-based Talisman Energy and Sinopec is expected to invest a greater amount in the North Sea than had previously been budgeted for.
Money will be spent on improving existing operations as well as explorations and major projects to extend the life of fields.
John A Manzoni, president and chief executive of Talisman Energy, said: "We are very pleased to reach this agreement with Sinopec for the next phase of development of our UK North Sea assets.
"This will provide additional resources and energy to the talented team on the ground, creating an exciting future for this portfolio.
"Collectively, we will invest more in the UK than Talisman would have on its own, leading to a stronger, more sustainable business."
Talisman will use the money it saves on UK operations to fund growth areas around the world plus spend $500 million on repurchasing shares.
Separately Chinese state oil business CNOOC has bid $15bn for Canadian firm Nexxen, which owns the large Buzzard field in the North Sea.
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