OIL and gas operator Talisman Energy posted a jump in net income yesterday for the third quarter of 2010.
The figure of £74.35million compared with £18.43million a year earlier on revenue of £1.05billion, up from £878.65million in 2009.
The Canadian company, which has extensive interests in the UK North Sea, said its Auk North project was on target to produce first oil early next year and Auk South in 2012. First oil from the Burghley development was achieved late last month.
John Forrest, Talisman Energy (UK) country manager, said: “The successful conclusion of the Burghley development is another great example of industry co-operation and teamwork.
“It is the first of three UK projects that Talisman will bring on line in the next 18 months, demonstrating our strong commitment to the North Sea.”
Meanwhile, UK oil and gas operator BG Group announced a significant upgrade to resources at three Brazilian oil fields and said it was confident on long-term production as third-quarter earnings beat forecasts.
BG said an independent assessment showed a best estimate of total recoverable resources from the Tupi, Iracema and Guara fields in Brazil’s Santos Basin was up by 34% at 10.8billion barrels of oil equivalent (boe), raising its own net resources from the fields to 2.8billion boe.
Chief executive Frank Chapman said: “Quite a lot of our growth programme is underpinned over the next decade and beyond by the development of these fields.”
BG also reported a rise in third-quarter earnings to £611.25million compared with £480million a year earlier thanks to higher oil and gas prices and a strong performance in its natural gas liquids division.
Revenue for the quarter was £2.78billion, up 23% on the year before.