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Talisman oil and gas exploration summary

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Report summary

Talisman is repositioning its strategic direction to focus on two, self-funding core areas - the Americas and Southeast Asia - with a shift towards liquids-rich production. Talisman has created modest overall value and returns over the decade through conventional exploration. However, its investments in North American unconventionals have struggled due to its early focus on dry gas production and the subsequent fall in the North American gas price in 2012.

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Table of contents

    • Basins drilled and major discoveries 2004-2013
    • Upstream strategy and the role of exploration
      • Broadening the base and trying to establish new areas until 2007
      • Changing leadership and strategy in the middle of the decade
      • A change in strategic direction with another new CEO
    • Exploration outlook
  • Investment and costs
    • Well data
    • Scope of this report
    • Production from new field discoveries and organic unconventionals
    • Exploration performance has been mixed in the decade
    • Modest results in legacy areas - Southeast Asia and the UK
    • Mixed success through high-impact exploration
    • Over exposed to North American unconventional gas

Tables and charts

This report includes 25 images and tables including:


  • Exploration & appraisal spend and reinvestment
  • Exploration & appraisal spend by water depth
  • Exploration & appraisal spend by basin maturity
  • Discovery costs by water depth
  • Executive summary: Image 1
  • Exploration wells drilled and spend per well
  • Exploration success rates
  • Volumes discovered by year
  • Volumes discovered by water depth
  • Volumes discovered by year - ex. Uncons.
  • Reserves and resources: Image 4
  • Volumes discovered by country
  • Volumes discovered by basin
  • Production: Image 1
  • Full cycle value creation by year (conventional only)
  • Full cycle value creation by year, with uncons & DROs
  • Exploration returns by year (conventional only)
  • Exploration returns by year, with uncons & DROs
  • Value creation by reserve category
  • Value creation by water depth


  • Full-cycle economics
  • Ten year performance summary
  • Gross exploration & appraisal wells by basin and sector
  • Top 40 discoveries (2004 to 2013)
  • Key organic unconventional plays

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