Repsol is said to be finalising a four billion euro bid for Talisman Energy.
Earlier this week it was revealed the Spanish company had revived talks in a bid to bolster its presence in North America.
Talisman said in a statement it has been approached by a number of parties including Repsol about “various transactions”.
The company said it would not be commenting until any potential transaction had been confirmed.
Repsol, which is seeking to deploy about $10 billion in cash via acquisitions outside its home market, dropped a plan to buy all of Talisman in August after conducting due diligence on the company, people with knowledge of the matter said at the time.
Talisman’s shares have fallen since then, as a drop in crude oil accelerated and investors punished debt-laden explorers, making the company a more attractive target to the cash rich Repsol and others, the people said.
Talisman, which has operations spanning six continents, has struggled in the past to find buyers for assets from Southeast Asia to Texas as it seeks higher prices than acquirers are willing to pay, people familiar with past efforts have said.
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