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Spain’s Repsol to acquire Talisman Energy

by ChemOrbis Editorial Team -
  • 16/12/2014 (15:27)
According to a statement on the company’s website, Spain’s Repsol has reached an agreement to acquire Canadian oil company Talisman Energy. Repsol will pay US$8.3 billion (EU6.64 billion) and take on $4.7 billion of debt to acquire Talisman. The acquisition is subject to the approval of the Canadian courts and Talisman’s shareholders and is expected to be closed in the middle of 2015.

The acquisition is Repsol’s largest international deal in five years and once the acquisition is concluded, Repsol aims to improve its upstream businesses by increasing its output 76% to 680,000 barrels of oil equivalent per day and thereby boost reserves by 55% to more than 2.3 billion barrels of oil equivalent. The deal will also help the company to reduce reliance on oil producing assets in politically risky areas such as Libya and to diversify and improve its asset base.
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