Canadian oil producer Talisman Energy Inc said on Tuesday it has agreed to sell its stake in the 590,000-barrel-per-day Ocensa oil pipeline in Colombia to an investment group led by Advent International for about $595 million as the company focuses operations while paring its debt.Talisman, which faces pressure from shareholders to boost profits and trim its widespread global operations, said the offloading of its stake in the Colombian pipeline brings the total proceeds from its asset sales program to $2.2 billion.The company in March said it would look to raise between $2 billion and $3 billion in asset sales over the next 18 months as it refocuses on producing oil and gas in the Americas and Southeast Asia. It is still looking for buyers for its assets in Norway's North Sea and is mulling the sale of part of its Iraqi interests.Low natural gas prices, aging and unreliable infrastructure at its North Sea operations and a presence in too many countries had hampered Talisman prior to a restructuring led by Chief Executive Hal Kvisle, a board member who replaced John Manzoni just over a year ago.
Talisman Energy Inc. (Talisman) is an oil and gas producers, through a combination of exploration, development and acquisitions. Shares of TLM traded higher by 1.71% or $0.1999/share to $11.87. In the past year, the shares have traded as low as $10.34 and as high as $13.38. On average, 6496600 shares of TLM exchange hands on a given day and today's volume is recorded at 1162917.
Talisman Energy Inc. (Talisman) is an oil and gas producers, through a combination of exploration, development and acquisitions. Shares of TLM traded higher by 1.53% or $0.19/share to $12.60. In the past year, the shares have traded as low as $10.68 and as high as $13.83. On average, 2668980 shares of TLM.TO exchange hands on a given day and today's volume is recorded at 761636.
Source
