Archive for May, 2010

Talisman Energy In Asia

Monday, May 31st, 2010
Southeast AsiaThe company spent $42 million on development activities in Southeast Asia during the quarter. Talisman continued to set new production records in the region, with an average of 118,000 boe/d during the quarter, 17% higher than the first quarter of 2009 and 5% above the previous quarter.

In Malaysia, production averaged 35,000 boe/d, an increase of 9% over the previous period and 31% higher than the first quarter of 2009 when PM-3 CAA was shutdown to commission the Northern Fields oil development.

During the quarter, drilling continued on the Southern Fields improved oil recovery program. Seven of 11 planned wells have been drilled to date with the two most recent wells producing 2,500 bbls/d. Three development wells were also drilled and completed in the Northern Fields, with two wells on production.

In Indonesia, production averaged 76,200 boe/d, an increase of 21% over a year ago and 8% higher than the previous quarter. Sales from Corridor were up 16% with increased contract takes. Talisman's share of production from the Tangguh LNG facility averaged approximately 3,000 boe/d, with Trains 1 and 2 running at around 75% capacity.

Talisman acquired a 25% interest in the Jambi Merang Joint Operating Body (JOB) property in January. Plans are to drill three new wells and complete five existing wells by year end, with first production expected in mid-2011.

In Vietnam, production averaged 2,800 boe/d. A three-well infill program has been sanctioned for Song Doc, with drilling expected to start in the third quarter. On Block 15-2/01, the company is reviewing development options for the HST field and the HSD discovery.

In Australia, production averaged 4,200 boe/d. Regulatory approval of the Kitan field development was received in late April and first production is expected in the second half of 2011.

International Exploration

International exploration spending during the first quarter was $123 million. The capital program was largely directed at exploration and appraisal drilling in the North Sea, Latin America, Southeast Asia and the Kurdistan region of northern Iraq. A number of seismic acquisitions were also ongoing during the quarter.

In Colombia, the company drilled a well in the El Eden Block of the Colombian Foreland Trend. The company also completed a farm-down of its interests in Block CPO-9 during the quarter.

In Peru, the testing of the Lower Vivian reservoir in the Situche Central 3X well in Block 64 was completed during the quarter. The well flowed at 5,200 bbls of oil per day of 37 degree API crude. The rig will now move to Block 101 to drill the Runtasapa exploration well.

In Malaysia, the Sliver-2 appraisal well was drilled during the quarter, confirming the extent of the pool. A one-year license extension has been granted and commercialization options are being evaluated.

In Norway, the company has recently spudded an appraisal to the 2009 Grevling discovery. In the UK, the company is drilling the TP2 well in the Tweedsmuir area.

In the Kurdistan region of northern Iraq, the Kurdamir-1 well, where significant amounts of gas condensate have been discovered, encountered high-formation pressures in a deeper section of the well. A sidetrack has commenced to evaluate oil and gas shows in the deeper Tertiary and Cretaceous section.

In February, Talisman entered into a farm-in agreement to acquire a 60% interest in two Baltic shale gas concessions in Poland. Subsequent to quarter end, Talisman was awarded a third concession that was pending governmental approval. This is Talisman's first international shale play and allows the company to leverage its North American shale gas expertise in a highly prospective area. In 2010, Talisman expects to complete a seismic acquisition to prepare for a drilling program of up to six wells in 2011 and 2012.

Talisman Energy Inc. is a global, diversified, upstream oil and gas company, headquartered in Canada. Talisman's three main operating areas are North America, the North Sea and Southeast Asia. The company also has a portfolio of international exploration opportunities. Talisman is committed to conducting business safely, in a socially and environmentally responsible manner, and is included in the Dow Jones Sustainability (North America) Index. Talisman is listed on the Toronto and New York Stock Exchanges under the symbol TLM. Please visit our website at www.talisman-energy.com.

Forward-Looking Information

This news release contains information that constitutes “forward-looking information” or “forward-looking statements” (collectively “forward-looking information”) within the meaning of applicable securities legislation. This forward-looking information includes, among others, statements regarding:

- business strategy, plans and priorities;

- expected onstream dates of North Sea developments;

- expected timing of closing of non-core asset sales;

- expected exit volumes in the Marcellus Shale play;

- planned drilling in the Eagle Ford Shale play;

- expected first oil and completion of drilling operations in the Yme Field and schedule regarding the Yme platform;

- expected first oil from Auk North, Auk South and Burghley;

- planned drilling and expected first production from Jambi Merang;

- planned drilling in the Song Doc field; and

- expected completion of seismic acquisition; and

- planned drilling in Poland.

The following material assumptions were used in drawing the conclusions or making the forecasts and projections contained in the forward-looking information contained in this news release. Talisman has set its 2010 capital expenditure plans assuming: (1) Talisman's production in 2010 will be approximately 400,000 boe/d, assuming that most of the North American asset sales close by mid-year; (2) a US$60/bbl WTI oil price, and (3) a US$3.50/mmbtu NYMEX natural gas price. Information regarding business plans generally assumes that the extraction of crude oil, natural gas and natural gas liquids remains economic.

Undue reliance should not be placed on forward-looking information. Forward-looking information is based on current expectations, estimates and projections that involve a number of risks, which could cause actual results to vary and in some instances to differ materially from those anticipated by

Talisman and described in the forward-looking information contained in this news release. The material risk factors include, but are not limited to:

- the risks of the oil and gas industry, such as operational risks in exploring for, developing and producing crude oil and natural gas, market demand and unpredictable facilities outages;

- risks and uncertainties involving geology of oil and gas deposits;

- uncertainty related to securing sufficient egress and markets to meet shale gas production;

- the uncertainty of reserves and resources estimates, reserves life and underlying reservoir risk;

- the uncertainty of estimates and projections relating to production, costs and expenses;

- the impact of the economy on the ability of the counterparties to the company's commodity price derivative contracts to meet their obligations under the contracts;

- potential delays or changes in plans with respect to exploration or development projects or capital expenditures;

- fluctuations in oil and gas prices, foreign currency exchange rates and interest rates;

- the outcome and effects of any future acquisitions and dispositions;

- health, safety and environmental risks;

- uncertainties as to the availability and cost of financing and changes in capital markets;

- risks in conducting foreign operations (for example, political and fiscal instability or the possibility of civil unrest or military action);

- changes in general economic and business conditions;

- the possibility that government policies or laws may change or governmental approvals may be delayed or withheld; and

- results of the company's risk mitigation strategies, including insurance and any hedging activities.

The foregoing list of risk factors is not exhaustive. Additional information on these and other factors, which could affect the company's operations or financial results are included in the company's most recent Annual Information Form. In addition, information is available in the company's other reports on file with Canadian securities regulatory authorities and the United States Securities and Exchange Commission (SEC). Forward-looking information is based on the estimates and opinions of the company's management at the time the information is presented. The company assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change, except as required by law.

The completion of any contemplated disposition is contingent on various factors including favorable market conditions, the ability of the company to negotiate acceptable terms of sale and receipt of any required approvals for such disposition.

Oil and Gas Information

Throughout this news release, Talisman makes reference to production volumes. Such production volumes are stated on a gross basis, which means they are stated prior to the deduction of royalties and similar payments. In the US, net production volumes are reported after the deduction of these amounts.

Barrels of oil equivalent (boe) throughout this news release is calculated at a conversion rate of six thousand cubic feet (mcf) of natural gas for one barrel of oil and is based on an energy equivalence conversion method. Boes may be misleading, particularly if used in isolation. A boe conversion ratio of 6 mcf:1 bbl is based on an energy equivalence conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

Talisman also discloses its company netbacks in this news release. Netbacks per boe are calculated by deducting from sales price associated royalties, operating and transportation costs.

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Iran orders 6 LNG tankers from China

Monday, May 31st, 2010
Published: 2010/05/31

TEHERAN: Iran has ordered six tankers from China to transport the liquefied natural gas (LNG) it hopes to export from its giant gas reserves, the semi-official Fars news agency reported yesterday.

The order – worth US$200 million to US$220 million (US$1 = RM3.31) per ship – is a sign that China's economic relations with Iran remain fairly good despite Beijing backing a new draft of United Nations sanctions meant to pressure Tehran over its uranium enrichment.

Mohammad Souri, managing director of the National Iranian Tanker Co, said Iran usually bought South Korean ships but had judged the Chinese offer better value for money.

In another sign of cordial

relations, a Teheran city council official said yesterday that China has granted Iran a ?1 billion (RM4.05 billion) loan for infrastructure investment such as roads, Fars reported.

Unlike Qatar, its neighbour across the Gulf with which it shares the vast South Pars gas field, Iran does not yet produce LNG. The development of Iran's gas industry has been hampered by years of sanctions which have deterred foreign investors.

In a sign of China's growing importance in the Opec member's energy industry, last year the China National Petroleum Corp clinched a US$4.7 billion deal to develop phase 11 of South Pars, replacing France's Total.

It is also in talks about developing Iran's LNG industry.

As China's economy has boomed in recent years, it has used its financial clout, in the form of loans or investments, to strengthen ties with mineral-rich countries around the world, including Iran, its third-largest crude oil supplier.

China has said new sanctions against Iran, to be discussed by the UN Security Council, must not hurt “normal trade”. – Reuters

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Read more: Iran orders 6 LNG tankers from China http://www.btimes.com.my/Current_News/BTIMES/articles/spill30/Article/#ixzz0pTZsx7JU

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Shell acquires East Resources for US$4.7b

Saturday, May 29th, 2010

 

AMSTERDAM: Royal Dutch Shell said it would pay US$4.7 billion (US$1 = RM3.31) cash to buy privately held East Resources Inc, giving it substantially more exposure to crucial shale gas plays in North America.

But analysts cautioned the deal would put pressure on Shell's balance sheet at a time the company is already planning substantial spending.

The deal will increase Shell's daily gas production in North America by about 7.5 per cent and give it access to a swathe of the Marcellus Shale, the northeastern US rock formation that is one of the crucial sources of future US gas production.

Shale gas accounts for between 15 per cent and 20 per cent of US gas production but is expected to quadruple in coming years, touching off a scramble among producers large and small for access to resources.

 

A Shell spokeswoman said the company was not commenting

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on how it intended to finance the purchase. Shell had US$8.45 billion cash and equivalents on its balance sheet at March 31 and generated nearly US$4.8 billion in cash flow from operating activities in the first quarter.

“Although this is a good move it will put further pressure on the balance sheet, which is weakening with the high level of organic capital expenditure the group has committed to, and this has seen the balance sheet weaken over the past two years,” Panmure Gordon analyst Peter Hitchens said in a note.

Hitchens said that weakened balance sheet would keep Shell from increasing its dividend over the next two years.

“These acreage additions form part of an on-going strategy, which also includes divestments, with an objective to grow and to upgrade the quality of Shell's North America tight gas portfolio,” Shell chief executive Peter Voser said.

East Resources controls 2,600 square kilometres in the Marcellus Shale, and 1.05 million net acres overall.

The rush for acreage has been met, however, with persistent weaknes

s in gas prices. Front month gas prices are down more than 22 per cent this year, though after a steady decline they began to form a bottom in late March.

Shale gas is also harder and more expensive to extract, given that it comes from rock and not traditional reservoirs, further pinching margins.

Shell said closing the deal was subject to customary regulatory approvals. Besides its majority owners, East counts private equity firm Kohlberg Kravis Roberts & Co as an investor and Jefferies & Co as an adviser.

The acquisition came hours after the US government said it would review Shell's plans to begin drilling exploratory wells off Alaska this summer, delaying the project.

The already controversial project has faced increased scrutiny in recent weeks in the wake of the mas-sive BP oil spill in the Gulf of Mexico.

“The news (on East) masks other bad news for Shell,” Theodoor Gilissen Bankiers analyst Peter Heijen said in a research note. “That the delay falls right in the summer, just as drilling can happen there, is extra bad.” – Reuters

Read more: Shell acquires East Resources for US$4.7b http://www.btimes.com.my/Current_News/BTIMES/articles/shellbuy2/Article/#ixzz0pHHCEyo4

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Friday, May 28th, 2010

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Dialog unit gets Singapore contract

Friday, May 28th, 2010
Published: 2010/05/28
 

 
 

DIALOG Group Bhd, an integrated oil and gas services provider, said its unit received an award from Chiyoda Singapore (Pte) Ltd for the provision of shop fabrication and site erection of storage tanks with a value of S$1

5 million (RM34.8 million).

Its subsidiary Overseas Technical Engineering and Construction Pte Ltd received the award for the

Stolthaven Singapore Development Project — Phase 1A.

The award comes with another optional contract value of S$6.3 million (RM14.61 million) for additional tanks.

Read more: Dialog unit gets Singapore contract http://www.btimes.com.my/Current_News/BTIMES/articles/20100527235712/Article/#ixzz0pBs5lP2X

 
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Acquisitions to oil Pertamina growth

Wednesday, May 26th, 2010

 

Published: 2010/05/26
 
 
 
JAKARTA: Indonesian state oil firm Pertamina plans to raise crude oil production to 1 million barrels per day (bpd) of oil equivalent by 2015, from 432,000 bpd currently, largely via acquisitions, its chief said yesterday.

It also plans to boost refinery capacity to 1.5 million bpd, from 1 million bpd this year, president director Karen Agustiawan said at the Reuters Global Energy Summit in Jakarta.

The sharp increase in oil production and refinery capacity, if achieved, would pave the way for Indonesia to cut the import of oil products and make substantial savings on its energy subsidy bill, which amounts to billions of dollars a year.

“Our main focus is on upstream, probably most of our investment will go to upstream,” Agustiawan said.

 
Per

tamina has increased its planned investment in the upstream part of the business to 29.4 trillion rupiah (100 rupiah = RM0.04) in 2010, from a previous estimated 26 trillion rupiah, rising to 34 trillion rupiah in 2011, but those figures do not include spending on acquisitions, she said.

Agustiawan said Pertamina would use internal funds, bank loans and a bond issue to finance acquisitions and investments, and that the amount it would spend on acquisitions was “unlimited” in order to achieve its output target.

“If we have to find the financing we will find it,” said Agustiawan, who hopes that Pertamina might eventually be listed during her time as president director.

Pertamina has previously said it planned to raise US$1.5 billion from a bond this year to finance its upstream activities.

Several upstream projects, mostly producing natural gas, are being developed, including projects in Sumatra and Java.

Agustiawan said Pertamina will boost its refinery capacity to around 1.5 million bpd by 2015 from about 1 million currently.

Pertamina has previously said it planned to boost capacity at its refineries in Balikpapan, Dumai and Balongan and also build new refineries in Banten and East Java. No construction has started yet.

Pertamina will add 200,000 bpd capacity to the 125,000 bpd Balongan refinery in West Java, she said.

However, Agustiawan said its Iranian and Malaysian co-investors want a 10-year tax break to build a refinery in Banten, West Java,

adding that discussions over possible tax breaks have held up the project.

“If that issue is cleared, then I think there is no hurdle any more for Pertamina to go ahead with the project.”

Agustiawan said talks with Saudi Aramco are in the final stages over the import of about 200,000 bpd of Arab Light crude for Pertamina's Balongan refinery expansion. – Reuters

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Tuesday, May 25th, 2010

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