Talisman cools on quitting Sudan

Article Abstract:

Talisman Energy Inc. (Calgary) is increasing its North Sea holdings by buying Texaco Inc.'s (White Plains, NY) Tartan field and an swapping assets with BP Amoco PLC (London) and Amerada Hess Corp. (New York). The deal includes Tartan's satellite Highlander and Petronella fields and stakes in an adjacent exploration acreage. The Tartan field, which has estimated proven and recoverable reserves of 24 million barrels, is expected to produce 11,000 barrels per day by midyear. The field is expected to continue producing until 2008, but Talisman said there is "significant potential in both the Tartan and Petronella fields to increase expected reserves above 40 million barrels and delay abandonment beyond 2010. The Texaco deal, subject to approval by the British government, is expected to close in the third quarter. The asset swap with BP Amoco will give Talisman a 60% stake in the undeveloped Halley oil discovery, plus a 12.7% stake in the Fulmar field, which is currently producing 6,500 barrels a day. In return, Talisman will transfer to BP Amoco its 5% and 10% stakes in two other blocks, one of which contains the Devenick gas condensate discovery. Talisman is also transferring to Amerada Hess a 51.5% stake in two assets including the Appleton condensate discovery.

United Kingdom, United States, Facilities & equipment, Crude Petroleum, BP PLC, Amerada Hess Corp., Texaco Inc., AHC, TX, Talisman Energy Inc., BPA

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Profit surges for Suncor, Petro-Canada

Article Abstract:

Calgary, Alb.-based Petro-Canada Inc., which is led by new chief executive officer Ron Brenneman, has reported earnings of $74 million for the fourth quarter in 1999 and $233 million in earnings for the entire year. Fort Macmurray, Alb.-based Suncor Energy Inc. has reported earnings of $75 million for the fourth quarter in 1999 and $200 million in earnings for the entire year.

Sales, profits & dividends, Statistical Data Included, Finance, Petro-Canada Inc., Suncor Energy Inc.

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Pembina to buy Western pipelines

Article Abstract:

Federated Pipe Lines Ltd. will be acquired by Pembina Pipeline Corp. for approximately $220 million in cash. Federated, which is owned by Anderson Exploration Ltd. and Imperial Oil Ltd., operates one of the largest feeder pipeline networks in western Canada.

Asset sales & divestitures, Acquisitions & mergers, Mergers, acquisitions and divestments, Imperial Oil Ltd., Anderson Exploration Ltd., Pembina Resources Ltd., Federated Pipe Lines Ltd.

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