Talisman finds oil off shores of Vietnam
NEW YORK — Canadian oil and gas company Talisman Energy Inc. on Tuesday said its subsidiary in Vietnam has found oil for the second time off the shores of that country.
The offshore Hai Su Den exploration well discovered both light oil and natural gas, according to the company. Talisman announced a sandstone discovery on the same offshore block earlier last year.
Also Tuesday, Talisman Energy said it plans to spend $4.38 billion Canadian ($4.3 billion) on exploration and development in 2008, down from an estimated $4.65 billion Canadian ($4.57 billion) last year, due to uncertainty about natural gas prices in the North American market and the completion of a number of U.K. projects in 2007, respectively.
Shares of Talisman fell $1.04, or 5.5 percent, to $17.97 in morning trading. The company's stock has traded between $15.33 and $22.08 in the past year.
The Associated Press - January 15, 2007.