Talisman Sinopec Energy UK becomes Repsol Sinopec Resources UK

  • Business & Finance

Talisman Sinopec Energy UK (TSEUK), an oil and gas company operating offshore oil fields in the UK North Sea, has officially been renamed to Repsol Sinopec Resources UK.

Talisman Sinopec Energy UK announced the name change on Monday and the company noted that there is no change to the legal entity of the company registry numbers or other related company data.

To remind, the name change follows the acquisition of Canada’s Talisman Energy by Spain’s Repsol in 2015 for $8.3 billion plus assumed debt of $4.7 billion.

The Repsol-Talisman deal meant that Repsol also became the owner of a 51 percent stake in Talisman’s UK North Sea joint venture with Sinopec’s subsidiary Addax Petroleum – TSEUK.

In June this year, Repsol and its subsidiaries Talisman Energy and Talisman Colombia, were served with a $5.5 billion arbitration notice by China’s Sinopec and its subsidiary Addax Petroleum, demanding payback for their 2012 investment in TSEUK joint venture.

Regardless of the pending arbitration, which Repsol has described as groundless, the rebranding of the joint venture has been carried out as planned.

 

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