BEIJING -- Sinopec Group, Asia's largest oil refiner, announced Monday it has reached an agreement through its subsidiary with Canadian company Talisman Energy Inc to acquire a 49 percent equity interest in Talisman's assets in the North Sea for $1.5 billion.

The transaction between Petroleum Exploration and Production Corporation, Sinopec's subsidiary, and Talisman Energy (UK) Limited is expected to be concluded by the end of this year, subject to regulatory approval from the Chinese and British governments.

The deal structure will be a corporate joint venture that plans to invest to improve operating performance, as well as infill drilling, exploration opportunities and major projects, thereby extending field life and deferring decommissioning.

Sinopec will appoint personnel into key positions within the joint venture while TEUK will operate the assets. No reduction in TEUK staff numbers is expected.

Sinopec has sped up its overseas merger and acquisitions in recent years to boost its oil and gas reserves.

Based in Aberdeen, Scotland, TEUK employs 564 full-time employees, with about 1,950 core contractors.