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China Petroleum & Chemical Corporation (NYSE.SNP, 600028.SH, 0386.HK) or Sinopec, Asia's largest refiner by capacity, said Tuesday it has completed a joint venture transaction with the Canada-based Talisman Energy Inc. for $1.5 billion, which is the first direct investment by a Chinese company in the North Sea.

The transaction is conducted by an indirect wholly-owned subsidiary of Sinopec and Talisman, which gave Sinopec a 49 percent stake in Talisman Energy (UK), while Talisman will continue to hold the rest. The joint venture company will be renamed Talisman Sinopec Energy UK.

"Talisman Sinopec Energy UK Limited will work to deliver maximum value through a continued focus on safety, extending the field life of our assets and attracting and retaining talented people across the industry," said Geoff Holmes, chief executive of the new joint venture.

"The focus of the joint venture will be to invest in improving the integrity and performance of our assets. Today represents an exciting milestone as we work together to create an exciting future in the North Sea," he added.

The joint venture company is based in Aberdeen, with 564 full-time employees and about 1,950 contractor personnel.

Sinopec's reserves of crude oil declined from 3.3 billion barrels in 2007 to 2.8 billion barrels at the end of last year, only enough for nine years of production at last year's levels.

Chinese state-owned energy companies are going abroad seeking new oil and gas reserves to feed the world's second-largest economy. Earlier this month, Ottawa approved China National Offshore Oil Corp (0883.HK) or CNOOC'S acquisition of Canada's Nexen Inc., which is China's largest overseas energy acquisition.