Canadian oil firm Talisman has lowered its production estimates for the year after ongoing production problems in the North Sea.
The company saw production fall 3% to 361,000boed in the last three months of 2013 as unplanned stoppages in the North Sea and restrictions in Algeria and North American kicked in.
As a result, production guidance for the year has been revised to the lower end of the 375000-395000 range.
Despite the downturn, the company saw net income rise to $97million for the quarter, up from a $213million loss in the first three months of the year.
“We continue to experience production issues from our mature North Sea assets, and we are reducing our full-year North Sea production forecast by about 9,000 boed,” said chief executive Hal Kvisle.
“We are working with our joint venture partners to resolve these issues and sustain our North Sea production, but it will take time and require ongoing capital investment.”
The company sold 49% of its North Sea business to Sinopec last year, and said it continues to look to offload non-core assets including its Norway operations.
“We are actively pursuing non-core asset sales in the Americas and in the North Sea,” said Kvisle.
“During the quarter, we opened a data room for our Norway business, we are marketing our equity stake in the Ocensa pipeline in Colombia, we opened a data room for our North Duvernay lands, and we continue discussions with prospective LNG developers with respect to our large Montney positions.”
Elsewhere the company was boosted by strong results in its Canadian and US shale operations, while the company brought its offshore Vietnam fields online, adding 12,000barrels a day to output.
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