Talisman on track with North Sea subsea projects
Production during the third quarter improved versus the same period in 2007 with increased throughput at Tweedsmuir, a full quarter of production from the Blane field (which came onstream September 2007) and improved uptime at Tartan. This was partially offset by planned maintenance shutdowns on the Bleo Holm (Blake and Ross fields) and the Clyde platform, as well as compressor availability at Claymore and Clyde.
Tweedsmuir production averaged 28,641 boe/d (net) during the quarter, an increase of 28% over the second quarter following the completion of the high pressure facility modifications.
Two development wells were drilled during the quarter at Claymore and one at Ross. The Claymore wells were part of Talisman's 2008 three-well through tubing rotary drilling program. Development of the Galley field tie-back is progressing, with first production expected in the fourth quarter of 2008.
During the quarter Talisman announced the sale of its non-operated interests in the Dutch sector of the North Sea.
The MacDonald exploration well was plugged and abandoned subsequent to quarter-end. Within the next six months, exploration wells will be drilled at the Godwin and Shaw prospects in the vicinity of the recent Cayley discovery.
Production from continuing operations in Scandinavia averaged 34,405 boe/d during the quarter, up 21% over the same period in 2007 and 4% above the second quarter 2008. The production increase was due to new production from wells at Brage, Gyda, Varg and the Blane field, which commenced production in September 2007. The increase was partially offset by natural declines at Veslefrikk.
During the quarter, Talisman drilled two development wells at Gyda and two at Varg. The Marsvin exploration well has been plugged and abandoned.
At the Rev development, the temporary floating accommodation unit has returned to the Armada platform and the work to complete the Rev topsides at Armada has restarted. First production is expected in early 2009.
The Yme development is proceeding towards first production in the second half of 2009. During the quarter the offshore submerged storage tank was installed at Yme and the subsea pipeline installation work was started. Development drilling is expected to start in the fourth quarter.
