Talisman announces $4.4 billion E&D budget for 2008

Talisman Energy Inc. plans to spend $4.4 billion on exploration and development in 2008, down from an estimated $4.6 billion in 2007.

By OGJ editors
HOUSTON, Jan. 15 -- Talisman Energy Inc. plans to spend $4.4 billion on exploration and development in 2008, down from an estimated $4.6 billion in 2007.

The Calgary company forecast 2008 production will average at least 435,000 boe/d. Production could be higher depending upon the completion of commissioning of Tweedsmuir oil field in the North Sea. Commissioning is under way.

Talisman said its 2008 budget involves more investment in Southeast Asia and Norway while it plans to reduce spending on UK development projects, reflecting the completion of a number of projects in 2007.

The company also plans to reduce spending in the US and Canada because of uncertainty in natural gas prices. But the US and Canada still will account for more than one third of total spending, Talisman said.

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