Norwegian gas
3 Feb 2005
Canadian oil and gas producer Talisman Energy is to buy all of the outstanding shares of Pertra, a wholly owned subsidiary of Petroleum Geo-Services of Norway, for $155 million.
The deal means that Talisman Energy will own 70% of the Varg oilfield as well as 70% of the undeveloped South Varg gas condensate field. The Norwegian firm Petoro holds the other 30%.
'This acquisition effectively doubles the size of Talisman's business in Norway by adding production at the Varg field, development potential at South Varg and attractive exploration positions in the North Sea and further north in the Norwegian Sea,' said Dr. Jim Buckee, President and Chief Executive Officer.
Production from the Varg oilfield is expected to be approximately 10,000 bbls/d.
Talisman entered Norway in May 2003 with the acquisition of a 61% operated interest in the producing Gyda field, platform facilities and gas export pipeline. Subsequently, it has expanded its exploration position around the field by acquiring new acreage.
Closing of the transaction is subject to approvals from Norwegian competition authorities.
