Talisman Energy Inc. (Talisman) (TSX:TLM) (NYSE:TLM) announced the completion of its joint venture transaction with Addax Petroleum UK Limited (APUK), an indirect wholly-owned subsidiary of China Petrochemical Corporation (Sinopec Group) following receipt of government and regulatory approval.

"We are very pleased to be partnering with Sinopec in the UK North Sea," said Hal Kvisle, President and CEO of Talisman Energy Inc. "This transaction supports a number of Talisman's key priorities. The proceeds will be used to strengthen our balance sheet, fund our global capital program and give us the financial flexibility to invest in future opportunities. Sinopec will now fund 49% of the UK capital program, allowing us to increase overall investment in the assets, which will lead to improved operational performance and a stronger UK North Sea business. We look forward to working with Sinopec in the years ahead."

The completion follows the original announcement of the transaction in July this year. Sinopec Group has acquired a 49% equity interest in Talisman's UK North Sea business, Talisman Energy (UK) Limited (TEUK), for $1.5 billion. Talisman will continue to hold 51% of the joint venture company. The UK North Sea will be a smaller part of Talisman's overall portfolio, but remains an important part of its North Sea business.

The focus of the joint venture will be to continue investment in asset integrity and improve ongoing operating performance as well as accelerating infill drilling, unlocking additional infrastructure-led exploration opportunities and executing major projects, thereby extending field life and deferring decommissioning.

Talisman Energy (UK) Limited will be renamed Talisman Sinopec Energy UK Limited.

Talisman Sinopec Energy UK Limited will operate the assets, and Sinopec Group will appoint select personnel into key positions within the organization, strengthening an already strong team. The joint venture company is based in Aberdeen, Scotland and employs 564 full-time employees, with approximately 1,950 core contractors.