Talisman to Let Go Field Stake - Analyst Blog
07 3월 2012 - 1:23AM
Zacks
Canadian energy explorer Talisman Energy Inc.
(TLM) entered into an agreement with Swedish energy firm Lundin
Petroleum AB to sell its 30% interest in the Brynhild field
(previously known as Nemo), offshore Norway. The financial terms of
the deal were not disclosed.
The proposed transaction – subject to approval from the
Norwegian authorities – will provide Lundin Petroleum a 100%
ownership in the Production License 148 in the North Sea. In
November last year, Lundin, which was the operator with a 50%
working interest, bought a further 20% stake in the block from
Norwegian oil and gas company Noreco.
The Norwegian government, in November 2011, approved the Plan of
Development of the Brynhild field that is expected to come online
in late 2013 with a gross daily plateau production of 12,000
barrels of oil. The field will be developed with the help of three
subsea wells.
This disposition is a part of Talisman’s strategy of divesting
assets that do not fit into its long-term growth plan. The company
intends to sell its high cost and low profit generating assets and
concentrate on expanding the asset base that would render high
returns.
During the last few years, Talisman has been selling non-core
oil and gas properties around the world, thereby freeing up capital
to concentrate on its longer-term prospects in Canada, the U.S.,
the North Sea and Southeast Asia. The company has set a target of
$1 billion to $2 billion in asset divestures fo 2012.
Talisman has also trimmed its 2012 capital spending program by
11% from the 2011 level, due to weak North American natural gas
prices and volatile economic conditions. However, the company
expects to witness production growth of up to 5% in 2012 and
believes that the projected expenditure planning will support the
medium-term growth target of 5–10%.
As such, we see the stock performing in line with the broader
market and maintain a long-term Neutral recommendation. Talisman
operates in the industry along with other players such as
Canadian Natural Resources Ltd. (CNQ) and
EnCana Corp. (ECA).
CDN NTRL RSRCS (CNQ): Free Stock Analysis Report
ENCANA CORP (ECA): Free Stock Analysis Report
TALISMAN ENERGY (TLM): Free Stock Analysis Report
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