Oilweek - July 2009 (Sample)

talisman is building its production of shale gas in canada and the United States to offset declining conventional gas production.

with the governments in Vietnam, Indonesia, and Malaysia. We’re building relationships in Papua New Guinea…. We were also awarded over 12 million acres of new exploration licences in Asia over the last year, which gives Talisman a world-class exploration portfolio in Asia.”

NORTH SEA

The North Sea has always been a big part of Talisman’s global strategy and continues in its role as cash cow. Talisman’s focus in the coming year is to improve the quality of its operations and become a more efficient operator in this offshore play. The objective is to establish a long-term, sustainable, flat production base.

“We’re making progress in shaping the business to deliver between 110,000 and 140,000 barrels a day for a decade,” Manzoni said.

Of Talisman’s total North Sea production, the United Kingdom sector delivered 89,000 barrels of oil equivalent per day and accounted for about 21 per cent of the company’s production worldwide. Production from the Scandinavian North Sea averaged 44,000 barrels of oil equivalent per day, accounting for 18 per cent of the company’s production worldwide. The North Sea region is comprised mostly of oil and liquids production.

“This year, we’ll see the first oil from Burghley in the U.K.
and Yme in Norway,” Manzoni said. “We’ll be progressing to
major redevelopment of the Auk field towards first production
in two phases next year and the year after.”
Talisman expects the North Sea to provide 10 years of steady
production and cash flow to underpin its growth businesses
in other regions, specifically its work in Southeast Asia and its
shale plays in North America.

“We’ll continue to invest in new projects in the near field explorations to maintain a high-quality and reliable cash flow machine,” Manzoni said.

SHALE

Talisman’s view of the world has come a long way since the days of Jim Buckee’s leadership, when some of his employees jokingly referred to competitors’ resource plays as “crap plays.”