Talisman Energy
Encyclopedia
Talisman Energy Inc. is one of Canada's largest petroleum
SB companies. Based in Calgary
, Alberta
, Talisman Energy has operations around the globe including: Canada (B.C., Alberta, Ontario, Saskatchewan, Quebec) and the United States of America (Pennsylvania, New York, Texas ) in North America; Colombia and Peru in South America; Algeria in North Africa; United Kingdom, Norway and Poland in Europe; Indonesia, Malaysia, Vietnam, Papa New Guinea and Australia in the Far East; and Kurdistan in the Middle East. Talisman Energy has also built the offshore Beatrice Wind Farm Demonstrator in the North Sea off the coast of Scotland.
In the past the company grew quickly by a number of mergers and acquisitions, and as such has a complex history and large diversity of holdings. Talisman was the first Canadian company to join the Voluntary Principles on Security and Human Rights Plenary Group (VPSHR) and is a participant in the United Nations Global Compact.
, Talisman Energy sold off money losing mining operations and focused on its large natural gas
holdings in British Columbia, Canada.
In 1992, BP Canada became established as Talisman Energy and subsidiary Fortuna Petroleum, which became one of the first international oil companies to do business with Cuba
.
In 1993, Talisman Energy bought Encor Inc from BCE
, doubling in size and becoming one of Canada's largest petroleum companies.
In 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. In 1995 it pulled out of Cuba to focus on these areas.
In 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.
ese oil industry through a 25% interest an oil project operated by the Greater Nile Petroleum Operating Company
(GNPOC). GNPOC was a consortium co-owned by Sinopec
, the national petroleum company of China (40%), Petronas
, the national oil company of Malaysia (30%), and Sudapet
, the national petroleum company of Sudan (5%). 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 crime
s, 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 that 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, but it was later dismissed by the US District Court for the Southern District of New York. The court concluded that the plaintiffs had no admissible evidence to support the claims against Talisman Energy. The finding in the U.S. lawsuit is consistent with the report of the Harker mission in 2000, which admonished Talisman for not doing enough to stop human rights abuses by other groups, but did not find that Talisman had actively aided in any atrocities. In 2000, Talisman attempted to respond constructively, initiating an annual, third-party verified, "Corporate Responsibility Report" and implementing procedures for monitoring the company's compliance with the International Code of Ethics for Canadian Business. In 2003, Talisman Energy divested the Sudan interest acquired through the Arakis acquisition, selling its holdings to Indian company ONGC Videsh. Whether this divestiture benefited the people of Sudan is highly questionable, with concern having been raised by one NGO active in the region: "If you pressure Talisman to leave Sudan then will the remaining actors take any action to address these critical issues? At least Talisman has taken notice and responded ...".
In 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. .
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.
of Talisman Energy are: Christiane Bergevin, Donald Carty, William R.P. Dalton, Kevin S. Dunne, Harold Kvisle, John A. Manzoni, Lisa Stewart, Peter Tomsett, John D. Watson, Charles R. Williamson, and Charles Winograd.
Petroleum
Petroleum or crude oil is a naturally occurring, flammable liquid consisting of a complex mixture of hydrocarbons of various molecular weights and other liquid organic compounds, that are found in geologic formations beneath the Earth's surface. Petroleum is recovered mostly through oil drilling...
SB companies. Based in Calgary
Calgary
Calgary is a city in the Province of Alberta, Canada. It is located in the south of the province, in an area of foothills and prairie, approximately east of the front ranges of the Canadian Rockies...
, Alberta
Alberta
Alberta is a province of Canada. It had an estimated population of 3.7 million in 2010 making it the most populous of Canada's three prairie provinces...
, Talisman Energy has operations around the globe including: Canada (B.C., Alberta, Ontario, Saskatchewan, Quebec) and the United States of America (Pennsylvania, New York, Texas ) in North America; Colombia and Peru in South America; Algeria in North Africa; United Kingdom, Norway and Poland in Europe; Indonesia, Malaysia, Vietnam, Papa New Guinea and Australia in the Far East; and Kurdistan in the Middle East. Talisman Energy has also built the offshore Beatrice Wind Farm Demonstrator in the North Sea off the coast of Scotland.
In the past the company grew quickly by a number of mergers and acquisitions, and as such has a complex history and large diversity of holdings. Talisman was the first Canadian company to join the Voluntary Principles on Security and Human Rights Plenary Group (VPSHR) and is a participant in the United Nations Global Compact.
History
After a split from British PetroleumBP
BP p.l.c. is a global oil and gas company headquartered in London, United Kingdom. It is the third-largest energy company and fourth-largest company in the world measured by revenues and one of the six oil and gas "supermajors"...
, Talisman Energy sold off money losing mining operations and focused on its large natural gas
Natural gas
Natural gas is a naturally occurring gas mixture consisting primarily of methane, typically with 0–20% higher hydrocarbons . It is found associated with other hydrocarbon fuel, in coal beds, as methane clathrates, and is an important fuel source and a major feedstock for fertilizers.Most natural...
holdings in British Columbia, Canada.
In 1992, BP Canada became established as Talisman Energy and subsidiary Fortuna Petroleum, which became one of the first international oil companies to do business with Cuba
Cuba
The Republic of Cuba is an island nation in the Caribbean. The nation of Cuba consists of the main island of Cuba, the Isla de la Juventud, and several archipelagos. Havana is the largest city in Cuba and the country's capital. Santiago de Cuba is the second largest city...
.
In 1993, Talisman Energy bought Encor Inc from BCE
Bell Canada
Bell Canada is a major Canadian telecommunications company. Including its subsidiaries such as Bell Aliant, Northwestel, Télébec, and NorthernTel, it is the incumbent local exchange carrier for telephone and DSL Internet services in most of Canada east of Manitoba and in the northern territories,...
, doubling in size and becoming one of Canada's largest petroleum companies.
In 1994, Talisman Energy bought Bow Valley Energy from British Gas PLC
British Gas plc
British Gas plc was formerly the monopoly gas supplier and is a private sector in the United Kingdom.- History :In the early 1900s the gas market in the United Kingdom was mainly run by county councils and small private firms...
, gaining more assets in Canada and an important presence in the North Sea and Southeast Asia. In 1995 it pulled out of Cuba to focus on these areas.
In 1997, Talisman Energy launched a takeover bid of Wascana Energy, a former crown corporation of the Saskatchewan
Saskatchewan
Saskatchewan is a prairie province in Canada, which has an area of . Saskatchewan is bordered on the west by Alberta, on the north by the Northwest Territories, on the east by Manitoba, and on the south by the U.S. states of Montana and North Dakota....
government. It got into a bidding war over Wascana with Canadian Occidental Petroleum (now Nexen
Nexen
Nexen Inc. is an energy company based in Calgary, Alberta, Canada.-History:Nexen started in 1969 under the name "Canadian Occidental Petroleum Ltd.", aka CanOxy, and was 80% owned by Occidental Petroleum, a Los Angeles-based oil company...
), 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.
Controversy in Sudan
In 1998, Talisman made one of its most controversial moves when it purchased Arakis Energy, which was involved in the SudanSudan
Sudan , officially the Republic of the Sudan , is a country in North Africa, sometimes considered part of the Middle East politically. It is bordered by Egypt to the north, the Red Sea to the northeast, Eritrea and Ethiopia to the east, South Sudan to the south, the Central African Republic to the...
ese oil industry through a 25% interest an oil project operated by the Greater Nile Petroleum Operating Company
Greater Nile Petroleum Operating Company
The Greater Nile Petroleum Operating Company is a petroleum exploration and production company operating in Sudan. It was incorporated on 18 June 1997 and undertook construction of the Greater Nile Oil Pipeline which links Sudan's inland oil fields with refineries at Khartoum and Port Sudan.The...
(GNPOC). GNPOC was a consortium co-owned by Sinopec
Sinopec
China Petroleum & Chemical Corporation Limited , or Sinopec Limited , is a majority owned subsidiary of state owned company Sinopec Group. Sinopec Limited is listed in Hong Kong and also trades in Shanghai and New York ....
, the national petroleum company of China (40%), Petronas
Petronas
PETRONAS, short for Petroliam Nasional Berhad, is a Malaysian oil and gas company that was founded on August 17, 1974. Wholly owned by the Government of Malaysia, the corporation is vested with the entire oil and gas resources in Malaysia and is entrusted with the responsibility of developing and...
, the national oil company of Malaysia (30%), and Sudapet
Sudapet
The Sudan National Petroleum Corporation, also known as Sudapet, is a state-owned oil company based in Sudan. It was founded in 1997 and is 100% owned by the Ministry for Energy and Mining....
, the national petroleum company of Sudan (5%). At the time, the Second Sudanese Civil War
Second Sudanese Civil War
The Second Sudanese Civil War started in 1983, although it was largely a continuation of the First Sudanese Civil War of 1955 to 1972. Although it originated in southern Sudan, the civil war spread to the Nuba mountains and Blue Nile by the end of the 1980s....
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 crime
War crime
War crimes are serious violations of the laws applicable in armed conflict giving rise to individual criminal responsibility...
s, human rights abuses, and genocide
Genocide
Genocide is defined as "the deliberate and systematic destruction, in whole or in part, of an ethnic, racial, religious, or national group", though what constitutes enough of a "part" to qualify as genocide has been subject to much debate by legal scholars...
. 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
Divestment
In finance and economics, divestment or divestiture is the reduction of some kind of asset for either financial or ethical objectives or sale of an existing business by a firm...
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 that 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, but it was later dismissed by the US District Court for the Southern District of New York. The court concluded that the plaintiffs had no admissible evidence to support the claims against Talisman Energy. The finding in the U.S. lawsuit is consistent with the report of the Harker mission in 2000, which admonished Talisman for not doing enough to stop human rights abuses by other groups, but did not find that Talisman had actively aided in any atrocities. In 2000, Talisman attempted to respond constructively, initiating an annual, third-party verified, "Corporate Responsibility Report" and implementing procedures for monitoring the company's compliance with the International Code of Ethics for Canadian Business. In 2003, Talisman Energy divested the Sudan interest acquired through the Arakis acquisition, selling its holdings to Indian company ONGC Videsh. Whether this divestiture benefited the people of Sudan is highly questionable, with concern having been raised by one NGO active in the region: "If you pressure Talisman to leave Sudan then will the remaining actors take any action to address these critical issues? At least Talisman has taken notice and responded ...".
In 1999, Talisman Energy acquired Rigel Energy.
Since then, Talisman has expanded its operation in Southeast Asia
Southeast Asia
Southeast Asia, South-East Asia, South East Asia or Southeastern Asia is a subregion of Asia, consisting of the countries that are geographically south of China, east of India, west of New Guinea and north of Australia. The region lies on the intersection of geological plates, with heavy seismic...
and in the North Sea
North Sea
In the southwest, beyond the Straits of Dover, the North Sea becomes the English Channel connecting to the Atlantic Ocean. In the east, it connects to the Baltic Sea via the Skagerrak and Kattegat, narrow straits that separate Denmark from Norway and Sweden respectively...
, with a brief exploration operations in South Eastern Trinidad & Tobago. .
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.
Corporate governance
Current members of the board of directorsBoard of directors
A board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization. Other names include board of governors, board of managers, board of regents, board of trustees, and board of visitors...
of Talisman Energy are: Christiane Bergevin, Donald Carty, William R.P. Dalton, Kevin S. Dunne, Harold Kvisle, John A. Manzoni, Lisa Stewart, Peter Tomsett, John D. Watson, Charles R. Williamson, and Charles Winograd.
See also
- Talisman CentreTalisman CentreThe Talisman Centre, formerly known as the Lindsay Park Sports Centre, is a multi-sports complex in Calgary, Alberta, Canada. The name of the facility was changed in March 2002, after the City of Calgary sold the naming rights for 10 million dollars to Talisman Energy for 30 years.The complex...
- Oil wellOil wellAn oil well is a general term for any boring through the earth's surface that is designed to find and acquire petroleum oil hydrocarbons. Usually some natural gas is produced along with the oil. A well that is designed to produce mainly or only gas may be termed a gas well.-History:The earliest...
- DrillingDrillingDrilling is a cutting process that uses a drill bit to cut or enlarge a hole in solid materials. The drill bit is a multipoint, end cutting tool...
- OPECOPECOPEC is an intergovernmental organization of twelve developing countries made up of Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela. OPEC has maintained its headquarters in Vienna since 1965, and hosts regular meetings...
- List of oil-producing states
External links
- Official site
- CBS News - Black Gold For Blood Money In Sudan
- 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
- BBC News - Talisman pulls out of Sudan