Talisman’s Norwegian assets on the block

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Talisman Energy has put its Norwegian North Sea assets up for sale – on top of existing plans to dispose of stakes in two Canadian shale deposits and an interest in a Colombian pipeline – after announcing a surprise loss for the second quarter of this year.

The Calgary-based company is now looking to raise up to US$3bn from disposals, as part of a restructuring that is intended to cut debt, improve profitability, and boost its sagging share price.

Chief executive Hal Kvisle said that initial interest in the Norwegian assets had been strong, as they offered “interesting attributes over and above the production volumes”.

Talisman recorded a loss of US$27m for the second three-month period of 2013 – against analysts’ expectations that it would break even – as production from its UK North Sea operations came in about 25% lower than expected at 34,000 barrels of oil equivalent a day. The company’s shares dropped a further 14 cents to C$11.80 yesterday, having fallen by 7% over the last year.

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