Talisman Energy

Infobox_Company
company_name = Talisman Energy Inc.
company_
company_type = Public (tsx|TLM)
company_slogan =
foundation = flagicon|Canada Calgary, Alberta
location = flagicon|Canada Calgary, Alberta
key_people = John Manzoni, CEO, Philip D. Dolan, CFO
revenue = 7.944 billion (2006)
industry = Oil and Gasoline
products = Crude Oil and Natural Gas
market c

num_employees = 2,639 (2008)cite web |url=http://zenobank.com/index.php?symbol=CA;TLM&page=quotesearch |title=Company Profile for Talisman Energy Inc (CA;TLM) |accessdate=2008-10-09]
homepage = [http://www.talisman-energy.com www.talisman-energy.com]

Talisman Energy Inc. (tsx|TLM) is one of Canada's largest petroleum SB companies. It was originally part of British Petroleum, known as BP Canada, but in 1992 it became an independent company named Talisman Energy. Based in Calgary, Alberta, Talisman Energy has operations around the globe including: Canada (B.C., Alberta, Ontario, Quebec) and the United States of America (Northeastern USA, Utah, and Alaska) in North America; Colombia and Peru in South America; Algeria and Tunisia in North Africa; United Kingdom and Norway in Europe; Indonesia, Malaysia, Vietnam, and Australia in the Far East; and Qatar in the Middle East. In addition Talisman Energy is building the offshore Beatrice Wind Farm Demonstrator (http://www.beatricewind.co.uk/home/) in the North Sea off the coast of Scotland.

In the past the company grew mainly by mergers and acquisitions, and as such has a complex history and large diversity of holdings. Talisman is the first Canadian company to join the Voluntary Principles on Security and Human Rights Plenary Group (http://www.voluntaryprinciples.org/participants/companies.php) and is a participant in the United Nations Global Compact.

History

After a split from British Petroleum Talisman Energy sold off money losing mining operations and focused on its large natural gas holdings in British Columbia, Canada.
-1992 Establised as Talisman Energy and subsidiary Fortuna Petroleum, which became one of the first international oil companies to do business with Cuba.
-1993 Talisman Energy bought Encor Inc from BCE, doubling in size and becoming one of Canada's largest petroleum companies.
-1994 Talisman Energy bought Bow Valley Energy from British Gas PLC, gaining more assets in Canada and an important presence in the North Sea and Southeast Asia. Early in 1995 it pulled out of Cuba to focus on these areas.
-1997 Talisman Energy launched a takeover bid of Wascana Energy, a former crown corporation of the Saskatchewan government. It got into a bidding war over Wascana with Canadian Occidental Petroleum (now Nexen), and failed in its attempt. It continued its aggressive expansion, investing in the North Sea and Indonesia and in 1997 bought the smaller Pembina Resources.
-1998 Talisman made one of its most controversial moves when it purchased Arakis Energy, which was a large player in the Sudanese oil industry. At the time the Second Sudanese Civil War was under way, and the government of Sudan was almost totally reliant on oil revenues for its war effort. This war effort was repeatedly accused of war crimes, human rights abuses, and genocide. International observers accused the Sudanese government of forcibly displacing residents to make way for oil exploration and exploitation. As conditions in Sudan worsened an international outcry developed, led by NGOs and churches. They called for divestment in Talisman shares and pushed the Canadian government to penalize the company. As part of this protest the Presbyterian Church of Sudan sued the company in an American court for genocide, stating Talisman had helped Sudanese officials "bomb churches, kill church leaders and attack villages in an effort to clear the way for oil exploration." In an unprecedented event an American judge decided the lawsuit was valid and later dismissed by the US District Court for the Southern District of New York, pending any appeal by the plaintiffs. The court concluded that the plaintiffs had no admissible evidence to support the claims against Talisman Energy. The divestment drive proved successful; major investors such as the Ontario Teachers' Pension Plan, threatened to sell their shares if the company did not pull out of Sudan. In 2003 Talisman Energy divested the Sudan interest acquired through the Arakis acquisition selling its holdings to an Indian company ONGC Videsh.
-1999 Talisman Energy acquired Rigel Energy Since then Talisman has expanded its operation in Southeast Asia and in the North Sea, with a brief exploration operations in South Eastern Trinidad & Tobago. 2005 also saw rumours that Talisman may be bought by Total.

On May 30, 2007 the Company announced the retirement of its longtime President & CEO, James Buckee. John Manzoni, formerly of BP, was named as his successor, effective September 1, 2007.

Environmental record

Talisman Energy is participating in the United Nations Global Impact by taking responsible actions towards environmental issues. [ [http://www.secinfo.com/d11MXs.vyTg.c.htm SEC Info] ] The United Nations Global Impact is a voluntary initiative that brings together companies, governments, civil society and other groups to advance human rights, labour and environmental principles. [ [http://www.secinfo.com/d11MXs.vyTg.c.htm SEC Info] ] In Canadian tonnes, Talisman Energy releasead about 10.3 million tonnes of carbon dioxide equivalent in 2007. [ [http://www.talisman-energy.com/upload/ir_briefcase/102/02/2007crreport-final.pdf] ] Talisman Energy has started building a 10-megawatt co-generation power plant at its Edson natural gas processing facility which will cost them twenty one million dollars. [ [http://findarticles.com/p/articles/mi_m0EIN/is_2004_June_21/ai_n6085377 Bnet] ] According to the president of Talisman's Energy, this new plant will increase the production of energy, and decrease the amount of pollution that is being released out into the environment. [ [http://findarticles.com/p/articles/mi_m0EIN/is_2004_June_21/ai_n6085377 Bnet] ] Although carbon dioxide emissions are low for this company, the talk about global warming has aroused a question on whether or not to put a carbon tax on all oil companies, which in the long run would save oil. [ [http://anz.theoildrum.com/node/3569 The Oil Drum] ]

Corporate governance

Current members of the board of directors of Talisman Energy are: Douglas Baldwin, James Buckee, Kevin Dunne, Al Flood, Dale Parker, Lawrence Tapp, Stella Thompson, Robert Welty, and Charles Wilson.

See also

* Talisman Centre
* Oil
* Gas
* Oil well
* Drilling
* OPEC
* List of oil-producing states

External links

* [http://www.talisman-energy.com/ Official site]
* [http://www.bergermontague.com/case-summary.cfm?id=34 Summary of the genocide lawsuit]

References

* [http://web.amnesty.org/library/index/engAFR540102001?Open Amnesty International - Sudan: Talisman Energy must do more to protect human rights]
* [http://www.cbsnews.com/stories/2002/06/21/eveningnews/main513084.shtml CBS News - Black Gold For Blood Money In Sudan]
* [http://www.cbc.ca/story/canada/national/2000/02/14/talisman000214.html CBC News - Talisman Oil Operations Prolong Sudan Civil War]
*Carlisle, Tamsin. "Calgary Oil Firm Talisman Pays Painful Price for Sudan Investment." "The Wall Street Journal." August 17, 2000
* [http://news.bbc.co.uk/1/hi/business/2835713.stm BBC News - Talisman pulls out of Sudan]
* [http://www.cbc.ca/edmonton/story/sudanoute021031.html CBC News - Human rights groups applaud Talisman move out of Sudan]
*Neumeister, Larry. " [http://www.cbc.ca/cp/business/050831/b083136.html Judge Lets Talisman Genocide Case Proceed Despite Warnings from Canada, U.S.] ." Associated Press. December 7, 2005.