Middle East operations contribute to Talisman’s $2.6 billion cash flow in 2002
Canada’s Talisman Energy recorded total cash flow of $2.6 billion on revenues of $5.3 billion in 2002, a 6.8 percent increase compared to figures from 2003.
Last year, production started from Algeria’s Ourhoud field, with output from the MLN field in Block 405a expected at the end of the second quarter of 2003. In November, Talisman signed an Exploration and Production Sharing Agreement for a 100 percent working interest in offshore Block 10 in Qatar. Geophysical work is expected to begin in early 2003, once the agreement is ratified by official decree of the state’s Emir.
In October, Talisman announced that it had entered into an agreement for the sale of its indirectly held interests in oil and gas properties in Sudan. Capital spending in Sudan of $98 million was focused on ongoing development drilling and the addition of new pipeline pumping stations. Other areas accounted for $228 million of the 2002 capital spending. Talisman spent $78 million in Trinidad, $107 million in Algeria and $22 million in Colombia. The Company expects to spend $2.1 billion on exploration and development in 2003.
"We expect production to average between 395,000-415,000 barrek oil per day in 2003, including volumes for Sudan in the first quarter. Coupled with the repurchase of 5.8 million shares over the past four months, we should beat our earlier production guidance of five percent production per share growth in 2003, excluding Sudan, “said President and Chief Executive Officer of Talisman, Jim Buckee.
Talisman Energy is a large independent oil and gas producer, with operations in Canada and, through its respective subsidiaries, the North Sea, Sudan, Indonesia, Malaysia, Vietnam, Algeria and the United States. The Company's subsidiaries also conduct business in Trinidad, Colombia and Qatar. — (menareport.com)
© 2003 Mena Report (www.menareport.com)