Talisman Energy, CNOOC end dispute over Tangguh LNG project stake: Report

Canadian oil and gas firm Talisman Energy Inc. and Chinese oil and gas firm CNOOC Ltd. have settled the dispute over stake in the Tangguh liquefied natural gas (LNG) project in West Papua province, Kontan reported on Saturday.

The companies have agreed on ``some'' terms, Lawrence Bernstein, senior manager of exploration at Talisman Malaysia Ltd., told reporters in Beijing. He didn't give details.

Meanwhile, according to a source, Talisman will take a stake of around 2 percent in the BP-led Tangguh project, diluting CNOOC's interest in the LNG project.

In exchange, Talisman will pay around $40 million to CNOOC, the source said.

Talisman Energy had sued CNOOC, claiming the right to 44 percent of CNOOC's 17 percent interest in the $5 billion Tangguh project. (*)