The United Kingdom (UK) is located in the North West of Europe. The country is surrounded by the Atlantic Ocean, the North Sea, the English Channel and the Irish Sea.
The UK is the world’s eighth-largest economy and the third largest in Europe. The country benefits from a diversified and competitive economy, benefiting from a stable macro-economic outlook and privileged ties to neighbouring economies through membership in the European Union.
The UK ranks as the world’s nineteenth largest oil and gas producer, with total production of hydrocarbons of 1.8 million barrels of oil equivalent per day (boepd) in 2011, of which was 1.04 million barrels of oil. UK oil production is based on offshore deposits identified along the UK’s North Sea continental shelf, with the first major commercial field, Forties, entering commercial production in 1970. Much of the country’s oil and gas industry is based in Scotland, notably in the city of Aberdeen.
Despite significant reduction in output in recent years, the UK’s North Sea oil production plays a major role in global energy markets as the Brent crude oil pricing benchmark is based on a basket of North Sea crudes: Brent, Forties, Oseberg and Ekofish.
Talisman Sinopec Energy UK Limited (TSEUK), a joint venture company owned 51% by Talisman Energy Incorporated and 49% by Addax Petroleum, is the largest operator in the UK continental shelf. The JV has interests in 46 fields and operates 32 fields, typically with high equity interest. The fields are 100-200 km offshore in water depths between 100 and 200 meters.
The assets are connected through three main hubs: Flotta, MonArb, and Greater Fulmar. The company operates eleven offshore installations and an offshore terminal located at the southern tip of Scapa Flow, in the Orkney Islands.
The JV is expected to increase its production and optimise hydrocarbon extraction by executing development and infill programmes, as well as by further near-field exploration projects.
Talisman Sinopec Energy UK Limited unveiled its new branding, following the creation of the new joint venture company.
“Our new branding is not only a functional necessity, but a symbolic reflection of the new world in which we are operating today, and it sends out a clear message to the industry of the bright future that is ahead of us." Yi Zhang, CEO, Addax Petroleum Corporation.