Talisman Energy announced increased production after the successful restart of the Claymore platform.
The firm’s first quarter results revealed production from ongoing operations totalled 360,000 boed, up 6% from last year’s first quarter figures.
North Sea production was up by more than 20% from the previous quarter to 35,000 boed.
Claymore’s restart, increased time at Piper and Tweedsmuir and new production from the Varg gas export project all contributed Talisman’s production gains.
The upstream oil and gas company’s cash flow was also up by nearly 20%, tallying up at $616million.
Chief executive Hal Kvisle said: “Talisman is a more focused company with stronger performance compared to one year ago.
“We continue to deliver against our objectives. On a year-over-year basis, production from
ongoing operations is up 6% and North American liquids volumes are up 45%. We are progressing non-core asset
sales and have applied proceeds from previously announced dispositions to maintain a strong balance sheet.
“We grew cash flow(1)19% compared to the same period last year as a result of our solid operating performance,
increased liquids volumes and stronger natural gas prices. We are steadily improving capital efficiency and
reducing costs, and are on track to meet our guidance for 2014.”
The Claymore platform was back on stream in February, after closing for repairs through the final months of 2013.
The return to action for Claymore followed the restart of the Piper field, which was also shut in for maintenance last year.
Talisman’s first quarter results also revealed the firm carried out a massive finance clean-up, decreasing its debt by £1billion from the previous quarter.
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