Talisman pursues Cuu Long Basin field development project

HANOI: A state-run Vietnamese newspaper reports that Calgary-based Talisman Energy Inc. (NYSE: TLM) will spend about US$1.1 billion to develop the Hai Su Trang and Hai Su Den offshore oil fields.

The fields in offshore block 15-2/01 in the Cuu Long Basin will go into production in the third quarter of 2011, according to joint venture partner Petrovietnam. Talisman holds a 60 percent interest in Block 15-2/01 and in the Thang Long joint operating company which operates the block.In 2008, the Vietnamese government approved reserves assessments for the Hai Su Trang and Hai Su Den fields. The joint operating company drilled two successful and one unsuccessful exploration wells in the block. A declaration of commerciality occurred early in 2009. A development plan is expected to be sanctioned this year.Earlier this year, Talisman revealed plans to spend approximately US$189 million in Vietnam in 2009, with US$99 million directed to development spending. Talisman plans to drill an appraisal/development well in the basement structure of Block 15-2/01 and two exploration wells to test additional prospects in the block. The company will also participate in three development wells.

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