Petronas Awards Talisman Energy the Kinabalu Oil PSC
May 29 2012 - 2:00AM
UK Regulatory
TIDMAN26
Petroliam Nasional Berhad (PETRONAS), the national oil company
of Malaysia, has formally awarded Talisman Malaysia Limited
(Talisman Energy, TSX:TLM, NYSE:TLM)) and PETRONAS Carigali Sdn.
Bhd. (PETRONAS Carigali) a new production sharing contract (PSC)
for the continuing production, further development and improved
recovery of crude oil from the Kinabalu oil fields, which comprise
the Kinabalu Main, Kinabalu East and Kinabalu Far East fields,
offshore Sabah ("Kinabalu Oil Fieds"). The Kinabalu Oil Fields have
a number of producing mature fields, with significant development
upside.
"We appreciate PETRONAS' vote of confidence and we are very
excited about this opportunity," said Paul Blakeley, Talisman's
Executive Vice-President of International Operations East.
"Talisman has a proven track record of growing production and
extending the life of mature fields, and the Kinabalu Oil Fields
give us the opportunity to demonstrate this in Malaysia. The PSC is
also adjacent to the Talisman operated Sabah exploration block,
which provides additional upside in the region."
This new PSC is the first of a new "progressive volume-based"
(PVB) PSC to be awarded by PETRONAS. The PVB PSC was specifically
designed to incentivize contractors to improve oil recovery and
increase production from mature oil fields.
Talisman and PETRONAS Carigali plan to invest over US$1 billion
to increase oil recovery and production over the life of the PSC.
This will add to the list of fields in Malaysia where improved oil
recovery techniques are being used to increase both production and
reserves. Talisman will hold a 60% working interest and operate;
PETRONAS Carigali will hold the remaining 40%.
Ron Aston, Vice-President and Country Manager for Talisman
Malaysia, noted the opportunities this new asset will present for
Talisman's employees and contractors. "This PSC will allow Talisman
to offer new opportunities for career growth to our existing
Malaysian staff, many of whom have gained world-class experience on
Talisman's existing assets in Peninsular Malaysia. At the same
time, development and production of the Kinabalu Oil Fields offers
opportunities for new jobs and new suppliers in Sabah, Labuan and
across Malaysia."
The Kinabalu Oil Fields are currently operated by Shell, with
the current PSC expiring in late December 2012. All participants
are working together to ensure a safe, successful transition.
Talisman Energy Inc. is a global, diversified, upstream oil and
gas company, headquartered in Canada. Talisman's three main
operating areas are North America, the North Sea and Southeast
Asia. The company also has a portfolio of international exploration
opportunities. Talisman is committed to conducting business safely,
in a socially and environmentally responsible manner, and is
included in the Dow Jones Sustainability (North America) Index.
Talisman is listed on the Toronto and New York Stock Exchanges
under the symbol TLM. Please visit our website at
www.talisman-energy.com.
For further information, please
contact in Calgary:
Media and General Inquiries Shareholder and Investor Inquiries
Phoebe Buckland, Lead Lyle McLeod, Vice-President
External Communications Investor Relations
Phone: 403-237-1657 Phone: 403-237-1020 Fax: 403-237-1902
Fax: 403-237-1210 E-mail: tlm@talisman-energy.com
E-mail: tlm@talisman-energy.com
In Malaysia:
Essence Communications Sdn. Bhd.
Elliza Rahim
Tel: 603 - 7493 5588
Email: elliza@my-essence.com
12-12
Advisories
This news release contains information that constitutes
"forward-looking information" or "forward-looking statements"
(collectively "forward-looking information") within the meaning of
applicable securities legislation. This forward-looking information
includes, among others, statements regarding: business strategy,
priorities and plans; expected oil recovery and production growth;
expected capital expenditure; and other expectations, beliefs,
plans, goals, objectives, assumptions, information and statements
about possible future events, conditions, results of operations or
performance. The factors or assumptions on which the
forward-looking information is based include: projected capital
investment levels; the flexibility of capital spending plans and
the associated sources of funding; the continuation of tax, royalty
and regulatory regimes; commodity price and cost assumptions; and
other risks and uncertainties described in the filings made by
Talisman Energy Inc. (the "company") with securities regulatory
authorities. The company believes the material factors,
expectations and assumptions reflected in the forward-looking
information are reasonable but no assurance can be given that these
factors, expectations and assumptions will prove to be correct.
Undue reliance should not be placed on forward-looking
information. Forward-looking information is based on current
expectations, estimates and projections that involve a number of
risks which could cause actual results to vary and in some
instances to differ materially from those anticipated by the
company and described in the forward-looking information contained
in this news release. The material risk factors include, but are
not limited to: the risks of the oil and gas industry, such as
operational risks in exploring for, developing and producing crude
oil and natural gas, market demand and unpredictable facilities
outages; the uncertainty of reserves life and underlying reservoir
risk; the uncertainty of estimates and projections relating to
production; potential delays or changes in plans with respect to
capital expenditures; health, safety and environmental risks;
uncertainties as to the availability and cost of financing and
changes in capital markets; risks in conducting foreign operations
(for example, political and fiscal instability or the possibility
of civil unrest or military action); and the possibility that
government policies or laws may change or governmental approvals
may be delayed or withheld. The foregoing list of risk factors is
not exhaustive. Additional information on these and other factors
which could affect the company's operations or financial results or
strategy are included in the company's most recent Annual
Information Form. Forward-looking information is based on the
estimates and opinions of the company's management at the time the
information is presented. The company assumes no obligation to
update forward-looking information should circumstances or
management's estimates or opinions change, except as required by
law.
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