Talisman defers investing in Quebec's shale gas

Talisman Energy Inc. has decided against committing any more near-term investment for shale gas exploration in Quebec, the Calgary-based company said in comments about its quarterly financial statement.

The Quebec government imposed a partial drilling moratorium that remains effective pending completion of an environmental study to evaluate hydraulic fracturing (OGJ Online, Oct. 11, 2010).

The study is not expected to be completed before 2014. In Quebec, Talisman has acreage along the Lowlands of the Saint-Lawrence River.

“During the 3-month period ended Sept. 30, 2012, the company determined that it would not commit capital in the foreseeable future to exploration and evaluation activities in Quebec, where the prohibition regarding hydraulic fracturing for shale gas development has been reaffirmed,” Talisman said, adding it will book impairment costs for Quebec of $109 million before taxes or $82 million after taxes.

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