This week's most read story on Energy Voice was the news that Talisman Sinopec was following in the footsteps of a number of companies by considering a change to three on, three off shifts.
The move has already been made by Apache and is also being considered by Marathon Oil.
A spokeswoman for Talisman Sinopec said:“Following a working group review, Talisman Sinopec proposes to move to a 3/3 rota, which would deliver essential cost efficiencies in a safe manner.
A Talisman Energy Inc (TLM) shareholder sued to stop the proposed $8.3 billion sale of the Canadian explorer to Repsol SA (REP), saying the price undervalues the company.
Spain’s largest energy company agreed last month to pay shareholders of Calgary-based Talisman $8 (C$9.87) in cash for each share they own, a 60% premium to the company’s 30-day weighted average price as of December 16.
Shareholder James Baqleh sued January 20 in New York state Supreme Court in Manhattan seeking to stop the acquisition, saying the transaction is “grossly inadequate” and investors would be “irreparably damaged” if it’s completed, according to court filings.
Talisman Sinopec said 300 jobs from its North Sea operations are set to go.
The company, which has around 3,000 staff in the North East of Scotland, said the losses include 100 employees and 200 contractors.
The move follows companies including Schlumberger and BP who both announced last week they would cut a number of positions.
Drilling company Archer has received an early termination notice from Talisman Sinopec Energy UK for its modular rig.
The Archer Emerald had been contracted out by the company in a two-year contract deal worth $96million and was scheduled to begin in the first quarter of 2016.
Repsol has reached an agreement to buy Talisman Energy in a deal worth an estimated $8.3billion.
The move comes after a week of speculation the two companies were in talks once again.
Earlier this year Repsol had confirmed it was looking at a potential transaction with the Canadian energy firm.
A spokesman said the deal received the unanimous approval of both boards.
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 SA (REP) has revived talks with Talisman Energy Inc (TLM), people with knowledge of the matter said, as the Spanish company seeks acquisitions to bolster its presence in North America even while oil prices tumble to five-year lows.
Repsol and Calgary-based Talisman are discussing options that could include the sale of some assets or the whole company, the people said, asking not to be identified because the deliberations are private. Talisman’s plunging valuation -- now at C$4.5 billion ($3.9 billion) after falling about 60 percent since the end of August -- remains a hurdle to any deal, the people said.
Talisman said in a statement it has been approached by a number of parties including Repsol about “various transactions.”
The UK oil and gas industry is missing out on a government funding pot worth more than £7billion because it has failed to sufficiently organise itself, a business leader warned yesterday.
Paul Warwick, boss of oil operator Talisman and a member of the government and industry-led Technology Leadership Board (TLB), said the sector has missed out on financial support for technology development from the Department for Business, Innovation & Skills (Bis) because it was “too complicated”.
He added that, until recently, the industry had not needed the help from government.
Talisman is set to ban the use of e-cigarettes from its North Sea platforms after one overheated while it was charging.
The company said the ban will take effect from Sunday.
Talisman Energy has seen its cash flow drop by 11% from the last quarter.
The firm dipped oil prices and lower liquid volumes fro the fall.
Talisman said its North Sea production averaged at 12,000BOED, which was down 37% from the previous quarter and 43% year-over-year.
The dip in production was a result of planned turnarounds at Claymore, Piper, Buchan and the Bleoholm FPSO.
North Sea oil giant Talisman Sinopec has shocked the North Sea oil community by announcing the sudden departure of its UK chief executive, Geoff Holmes.
