Arab Today, arab today chinatakes big dip into n sea oil
Last Updated : GMT 22:40:28
Arab Today, arab today
Arab Today, arab today

China takes big dip into N Sea oil

Arab Today, arab today

Arab Today, arab today China  takes big dip into N Sea oil

Tokyo - KUNA

China\'s top refiner Sinopec Group has acquired a 49 percent stake in the UK subsidiary of the Canada-based Talisman Energy Inc for USD 1.5 billion, marking the first direct investment by a Chinese company in the North Sea, the state-run China Daily reported Wednesday. The transaction came as the entry of Sinopec into the oil and gas business in the North Sea region and is also the largest UK-focused deal in the energy sector this year, according to the newspaper. The Beijing-based company said the two parties will strengthen their cooperation to explore resource potential and accelerate the evaluation and commercial development of these assets. \"Sinopec is well positioned to increase the production capacity of the mature oil fields, while Talisman has ample project experience in the North Sea. It will be a mutually beneficial cooperation,\" the company was quoted as saying. Talisman\'s UK subsidiary is headquartered in Aberdeen, United Kingdom, and has interests in 51 North Sea oil and gas fields. It has remaining proved plus probable reserves of 489 million barrels of oil equivalent, of which 95 percent is crude oil. In 2011, the company\'s daily oil and gas output reached 71,000 barrels. After the completion of the deal, Talisman will continue to hold 51 percent of the joint venture. The completion follows two big overseas acquisitions by China\'s biggest oil producer PetroChina Co Ltd., which agreed to buy BHP Billiton Ltd\'s stake in a liquefied natural gas project in Australia for USD 1.63 billion on Dec 12, and joined the Canadian company Encana Corp to develop a shale gas project in Alberta at a price of USD 2.14 billion on Friday. The North Sea had a daily output of 2.7 million barrels of liquid fuel in October, according to the energy and commodities market agency Argus Media Ltd. The area has had a total output of 40 billion barrels so far, and the potential remains to produce a further 14 billion to 24 billion barrels of oil equivalent over the next 30 years. China will import about 60 percent of the 500 million tons of oil it uses in 2013, government officials said at an industry conference last week, the daily said. Since China became a net importer of crude oil in 1993, it has gone from importing 6 percent of the oil it consumes to more than 50 percent in 2009. The government is now encouraging Chinese companies to go overseas to seek energy resources to meet growing domestic demand.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today chinatakes big dip into n sea oil Arab Today, arab today chinatakes big dip into n sea oil

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today chinatakes big dip into n sea oil Arab Today, arab today chinatakes big dip into n sea oil

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Sheraton Grand Hotel reveals its deals

GMT 12:20 2017 Monday ,25 September

Sheraton Grand Hotel reveals its deals
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Iraq Kurds in historic independence vote

GMT 15:20 2017 Monday ,25 September

Iraq Kurds in historic independence vote
Arab Today, arab today North Korea 'more opaque'

GMT 10:50 2017 Sunday ,24 September

North Korea 'more opaque'
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today 'Lady Beast' fights for girl gamers

GMT 10:27 2017 Sunday ,24 September

'Lady Beast' fights for girl gamers
Arab Today, arab today Conditions growing dire    

GMT 09:22 2017 Monday ,25 September

Conditions growing dire    
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Chevrolet's first 9-speed auto debuts

GMT 18:58 2017 Monday ,25 September

Chevrolet's first 9-speed auto debuts
Arab Today, arab today Third generation adds more power

GMT 13:40 2017 Sunday ,24 September

Third generation adds more power
Arab Today, arab today Lebleba is preoccupied in filming 'Back Street'

GMT 08:56 2017 Thursday ,21 September

Lebleba is preoccupied in filming 'Back Street'
Arab Today, arab today Psychologists help Mexico deal

GMT 05:05 2017 Sunday ,24 September

Psychologists help Mexico deal

GMT 08:59 2017 Wednesday ,20 September

Youssra prepares for launching her program

GMT 10:16 2017 Friday ,22 September

All eyes on May as she prepares

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 20:10 2017 Saturday ,23 September

Big Western brands polluting oceans

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 12:02 2017 Sunday ,24 September

Harry visits mental health hospital

GMT 11:11 2017 Sunday ,24 September

The dark side of new tourism hope

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday