Post says Talisman picks up the drill bit
2004-10-12 08:46 ET - In the News
The Financial Post reports in its Tuesday edition that former corporate raider Talisman Energy is reshaping itself as a more aggressive explorer, as high energy prices keep acquisitions out of reach, its chief executive officer says. The Post's Claudia Cattaneo writes that Jim Buckee said a lack of reasonably priced acquisitions has pushed his firm to shift gears and spend more money to find reserves through the drill bit. Talisman, which produces gas in North America and oil internationally, allocated 13 per cent of this year's $2.7-billion budget to higher-risk exploration, up from a typical 5 per cent of its spending in the past. One of the areas the firm has targeted for increased exploration is Western Canada, a region some of Talisman's competitors are leaving because they see it as too mature. Talisman conducted an extensive geological review of Western Canada this year and came up with new exploration ideas that are yielding results, he said. They include looking for natural gas at depths of 10,000 to 12,000 feet that are virtually unexplored. The company is also targeting many international sites, including Alaska, Colombia, Indonesia, Qatar, onshore Trinidad and Libya. |
