2008: A New Strategy
In May 2008, Talisman announced a new strategic direction for the Company. The three main elements of the strategy are profitable long-term growth, high-impact exploration and focusing the portfolio.
Talisman made significant progress against these objectives in 2008:
- Major growth areas for the Company are unconventional natural gas in North America and development projects in Southeast Asia and Norway.
- North American unconventional spending was $1.8 billion
- 169 unconventional wells drilled in new areas
- Successful tests of first shale wells in Quebec and Pennsylvania
- Southeast Asia developments: Northern Fields gas development, Song Doc, Hai Su Den appraisal
- Norway: progressed development at Rev and Yme
- Talisman is building a portfolio of high-impact international exploration prospects with potential to support the renewal of the Company.
- Award of two blocks in the Kurdistan region of northern Iraq
- Award of several new exploration blocks in Colombia
- Two new offshore Joint Study Agreement blocks awarded in Indonesia
- Award of two blocks in the Kurdistan region of northern Iraq
- Talisman is selling non-strategic assets to focus on material, high return parts of the business.
- Sale of non-core assets in Canada, the UK, the Netherlands and Denmark
- Completed sale of 12,000 boe/d of non-core assets for approximately $1 billion
- Announced the intent to sell its assets in Trinidad and Tobago
- Announced the sale of assets in southeast Saskatchewan in March 2009