Talisman Energy to stop exploration in northern Peru

Talisman Energy Inc., Calgary, plans to stop oil and gas exploration in northern Peru where the Canadian company has explored since 2004.

Talisman Peru BV currently is operator of Blocks 64 and 103. It has nonoperated interests in Blocks 123 and 129 (OGJ Online, Apr. 20, 2009).

Richard Herbert, Talisman executive vice-president, international exploration, said, “We have been unable to build a material resource position in Peru. After careful consideration, a decision has been made to exit Peru.”

In a statement, Herbert said Talisman wants to focus near-term on liquids and oil-linked gas opportunities.

Talisman Peru will begin the process to withdraw from the license contracts and work with Perupetro, the Peruvian petroleum licensing agency, he said, adding Talisman Peru will fulfill any contractual or legal obligations related to its operations.

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