Talisman Energy: Sudan Assets Still For Sale -
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Published on: 1/27/2003
Last Visited: 1/27/2003
Edward Bogle, Talisman's vice-president of exploration, told reporters after an energy conference in Toronto Wednesday that Talisman doesn't yet have a public offer to announce, but has had numerous expressions of interest.
As reported, the overseas arm of India's exploration company, ONGC Videsh Ltd., expected to close a US$750 million deal in July to acquire Talisman's 25% stake in an oilfield in Sudan.
Talisman has declined to comment on the Indian government reports.
Bogle said Talisman's operations in Sudan are a "tremendous asset" with a good reserve base and strong growth prospects.However, he said that "any assets that people perceive might hinder your growth...might be an asset you would want to sell."
Talisman's Sudanese holdings have weighed heavily on its share price, as investors have fretted over political uncertainty in Sudan, which is in the grip of a protracted civil war.
Depending on circumstances, Bogle said the company would consider an asset swap or a cash deal for its Sudanese assets.
In his presentation, Bogle said Talisman expects to add another 160,000-180,000 barrels of oil equivalent a day to its production base by 2005, with the bulk of the increase coming from its assets in southeast Asia, Algeria and Trinidad.In 2002, Talisman expects to add 30,000-40,000 boe/d to 2001 production levels.
In the first half of 2002, Talisman produced 451,000 boe/d.