Profits rise at Talisman

Independent oil and gas operator Talisman Energy said today its profits more than doubled during the third quarter of the year.

The Canadian-listed firm, which has significant North Sea assets, saw its pre-tax profits grow to £642million. This was up from £300million a year earlier on higher oil prices.

Revenue in the latest period rose to £1.2billion, from £1billion previously, with production at ongoing operations up 3%.

Talisman said its North Sea production was dented due to maintenance, field decline and safety upgrades following a prohibition notice in August, which saw its Claymore platform shutdown.

Safety related upgrades are also now being carried out on the firm’s Tartan platform, which is expected to be offline down through the fourth quarter.

As a result, fourth quarter North Sea production is estimated at about 100,000 barrels per day.

Looking ahead, the firm has plans to start up a fourth development well at its central North Sea Auk North field and to drill infill wells at the Tweedsmuir and Rev fields to mitigate decline rates.