Talisman Energy (UK) and Talisman North Sea, both wholly owned subsidiaries of Talisman Energy, have agreed to sell the Beatrice oil field and transfer operatorship of the Nigg oil terminal to Ithaca Energy (UK), a wholly owned subsidiary of Ithaca Energy.
<p>The sale is subject to the usual government and third-party consents and due diligence. The transaction is expected to complete in 2008. It is expected that the current workforce will be retained by Ithaca and no job losses are anticipated as a result of the transaction. <br /><br />Nick Walker, vice president of Talisman Energy (UK), said: We see this transaction as the best way forward for the Beatrice field. This agreement should ensure the field life is extended still further. Ithaca has its Jacky discovery, which it intends to develop via Beatrice and has other exploration prospects in the area. <br /><br />Ithaca is better placed to maximize recovery from the field and surrounding opportunities, thereby securing jobs and investment and writing the next chapter in the life of the field and the Nigg oil terminal.</p>