Spanish company Repsol to buy Talisman Energy

Workers at the Flotta Oil terminal – where some 300 staff are currently employed – have been informed that Spanish energy company Repsol has agreed to buy Talisman Energy for $8.3bn.

Staff at the terminal were informed of the news yesterday.

The transaction will combine Talisman with Repsol and create a leading global exploration and production company with a presence in over 50 countries and 27,000 employees.

“This deal creates significant and immediate value for Talisman stakeholders,” said Chuck Williamson, chairman of Talisman’s board of directors.

He added: “Importantly, the deal underscores Repsol’s strong belief in the high quality portfolio that Talisman has worked hard to develop. Repsol is a world-class operator with a solid track record and the financial capability to continue the development of these assets within their international portfolio. I am proud of the company that our employees, past and present, have built and I believe this transaction represents new opportunities for them in Canada and around the world.”

Antonio Brufau, chairman of Repsol, said: “Our combination with Talisman allows us to align our highly complementary portfolios of upstream assets to create a truly global company well-positioned to grow production and reserves. Talisman has strong operational capability, a highly skilled work force and we look forward to leveraging their expertise as we partner to create a stronger, more profitable and competitive organisation.”

More details in The Orcadian on Thursday.