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Upcoming Projects: Talisman Spending To Continue North Sea Momentum
Posted on Thursday, January 13, 2005 @ 02:40:27 GMT by ginamc |
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Talisman Energy will almost double its exploration and development spending in the North Sea this year.
The Canadian company said yesterday it would spend £448million in the area during 2005, compared with £240million last year.
The increase reflects the programme to develop the Tweedsmuir and Tweedsmuir South fields, which Talisman has already said would cost it £320million.
The group yesterday announced a record £1.35billion exploration and development programme for 2005, representing an increase of around 15% on the previous year.
North America and the North Sea account for 80% of forecast spending, with Talisman expecting production growth of 5% this year.
Production last year was estimated at 437,000 barrels of oil equivalent per day (boed).
Jim Buckee, the group's president and chief executive, said that 2004 was a stellar year for Talisman and the momentum was continuing into 2005.
He added: "In the North Sea, Talisman increased production by an estimated 7% in 2004, bringing the North Tartan field on stream and adding additional exploration acreage in Norway.
"The company's largest single project in 2005 will be development of the Tweedsmuir and Tweedsmuir South fields. Production is expected to start late in 2006, adding approximately 45,000 boed net to Talisman in 2007."
Last August, Talisman - the third largest operator in the UK continental shelf - announced it was building two of the world's largest wind turbines in the Moray Firth.
There will be a £24million investment in the two wind turbines, which will be the same height as the London Eye and have blades as long as a Boeing 747 Jumbo jet.
The turbines will be used over five years to evaluate a planned 200-turbine windfarm that Talisman and Perth-based Scottish & Southern Energy have been considering developing around the Beatrice field in the inner Moray Firth for some time.
The offshore windfarm, if it goes ahead, would be the world's largest, create hundreds of jobs and generate enough electricity to power Aberdeen.
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Source: The Press & Journal
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