CAPE TOWN Nov 1 British and European Union
regulators are expected to approve Sinopec Corp's 49
percent acquisition of Talisman Energy by the end of
the year, an official said on Thursday.
In a deal expected to help revitalise North Sea oil
operations, Talisman, Canada's No. 6 oil and gas exploration
company, said in July it will form a joint venture with China's
top refiner to operate the assets, which produced 63,000 barrels
of oil equivalent a day in the first quarter of 2012.
"We were targeting for an earlier date than this and it's
just the processes that take place between the department of
energy and climate for the UK government and for the EU," said
John Baillie, Senior Vice President of development and growth
strategy at Addax Petroleum, itself acquired by Sinopec in 2009.
"Nobody on our side is foreseeing any problems, and so
therefore things should go ahead and by year-end we should be in
a position to say the deal is closed," Baillie said on the
sidelines of an African oil conference organised by Global
Pacific & Partners.
Earlier this month, Talisman said it would invest 1.6
billion pounds ($967 million) in one of its oldest oil platforms
in Britain's North Sea, taking advantage of tax breaks aimed at
boosting oil and gas output in the region.