Sunday 23 August 2015

TALISMAN TO CONTINUE INVESTMENTS IN SABAH


Talisman Malaysia will continue to pump investments into Kinabalu oilfield operations despite lower global oil prices.

In May, Spanish oil firm Repsol acquired Talisman Energy for US$8.3 billion, but the lower oil prices dented Repsol's second-quarter profits.

But despite this, its Kinabalu Assets Manager Duncan Smart on Thursday said the transfer of ownership has not impacted its daily operations in Malaysia.

According to him, the oil firm had just secured funding to construct a new oil platform and will set out on another exploration this year.

"So despite the reduced oil price, we still would be able to justify additional investment for that oil field… we are still continuing to make investments in Sabah," he told reporters after hosting Talisman Malaysia's third Hari Raya open house event, here.

Smart said the construction of the platform will further increase Talisman's production by 2018.

Petroliam Nasional Bhd (Petronas) awarded Talisman the Kinabalu oilfields, comprising the Kinabalu Main, Kinabalu East and Kinabalu Far East Fields offshore Sabah, under a production sharing contract (PSC) in 2012.

Talisman holds a 60 per cent stake in the contract, with both oil firms planning to invest over US$1 billion to increase oil recovery and production in the field.

"These investments have been carefully considered in the current price investments," said Smart.

While the current lower oil prices have seen many oil firms like Schlumberger and Shell cutting down on workforce, Smart said Talisman has not seen the need to do likewise as yet.

It currently employs more foreigners than locals in Sabah.