Talisman looking to exit Norwegian North Sea

Talisman has started a sales process for its assets offshore Norway.

Offshore staff

CALGARY, Canada – Talisman has started a sales process for its assets offshore Norway. These include the operated Varg field in the Norwegian North Sea.

The company’s 2Q production from its Norway interests averaged 13,000 boe/d, which was down 30% from 1Q. This was due to planned turnarounds and performance issues at the Varg infill wells, and at the Veslefrikk andGyda fields.

Talisman’s UK production was down 19% from 1Q to 17,000 boe/d due to scheduled turnarounds and continued facilities issues. A further complication was helicopter restrictions that have hampered completion of necessary repair work.

The company andjoint venture partner Sinopec are working to address these problems and are investing in facilities upgrades to increase uptime and improve reliability.

7/31/2013

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