Talisman Energy reported that production for the quarter averaged 419,000 boe/d, 11% below the same quarter of 2007 and 6% below the previous quarter. The main reason for these lower volumes were non-core asset sales throughout 2007, including the sale of Talisman's interests in the Brae area of the UK North Sea, which closed at year end.
Production from continuing operations (excluding production from assets sold and held for sale) averaged 411,000 boe/d during the quarter, down 3% from both the previous quarter and a year ago. The major reason for lower production from continuing operations was maintenance shutdowns in the North Sea.
The Company still expects a production range of 435,000-460,000 boe/d for the year. This forecast now includes non-core asset sales of approximately 4,100 boe/d (Denmark, Lac La Biche), which will be completed in the first half of the year and were not contemplated at the time of the original production guidance.
"Production was down from the fourth quarter due mainly to completion of the Brae non-core asset sale and planned shutdowns in the UK," said John Manzoni, President & CEO. "We remain confident in our earlier projection of 3-8% growth from continuing operations in 2008. The second half of the year will benefit from startups of the Northern Fields (Southeast Asia) and Rev (Norway) development projects, as well as increased production from Tweedsmuir."
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