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Gold/Mining/Energy : TLM.TSE Talisman Energy -- Ignore unavailable to you. Want to Upgrade?

To: Tomas who wrote (581)	11/19/1999 10:13:00 AM
From: Tomas	Read Replies (1) \| Respond to of 1713

Canada oil firm says is positive force in warring Sudan By Rosalind Russell KHARTOUM, Nov 19 (Reuters) - Canada's Talisman Energy Inc. (Toronto:TLM.TO - news) -- under fire at home for its role in a major oil project in war-torn Sudan -- says its presence is a ``force for good' which could help bring an end to a long civil war. Jim Buckee, chief executive of Talisman, Canada's leading independent oil producer, told Reuters on a trip to Sudan's remote oil fields this week that the controversy could spur efforts to find a peaceful solution to the 16-year-old conflict. ``I believe that our presence does help in moving towards a peaceful outcome and the mere ventilation of the issues helps,' Buckee said. Powerful human rights and church groups in North America have led a fierce divestment campaign against Talisman, saying oil revenues will be used by Sudan's Islamic government to fund a brutal campaign against southern rebels -- including the use of slavery as a weapon of war. After a meeting with rebels last month, U.S. Secretary of State Madeleine Albright expressed her dismay at Canadian investment in a country the United States accuses of sponsoring terrorism. The Canadian government has threatened to slap sanctions on the company if it finds the oil development is exacerbating the conflict, and will dispatch a special envoy to the region next week to investigate. Buckee said Talisman -- which has invested more than $500 million in its 25 percent share of the 150,000 barrel a day (bpd) project -- will weather the storm. ``Morally, I don't believe the people of Sudan are better served by the absence of Talisman,' he said. ``I cannot see how continuing stagnation is going to benefit anybody.' But Talisman is uncomfortable with a proposal by Canadian Foreign Affairs Minister Lloyd Axworthy that the company plays a role in brokering peace and ensuring oil revenues are not spent on war. ``Rumours of our power and influence are greatly overstated,' said David Mann, head of investor relations at Talisman. ``The people that we speak to in government are willing to listen but we have no control over what they do.' Talisman admits that the rising tide of opposition could make its presence in Sudan ``untenable' but financial analysts on a tour of the oil fields and Red Sea export terminal this week said oil would continue to flow. Several oil firms, including the state oil companies of China and Malaysia -- already partners in the project -- and French oil giant Total would be keen to step into Talisman's shoes as production ramps up to at least 250,000 bpd, they said. ``It would be a crying shame if Talisman were replaced here,' said John Clark of Deutsche Morgan Grenfell in Toronto. ``As a Canadian company they can bring much needed Western attention to the problems in Sudan.' biz.yahoo.com