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Talisman Energy is one of Canada's largest petroleum companies. It was originally part of British Petroleum, known as BP Canada, but in 1992 it became an independent company named Talisman Energy.
The company initially sold off money losing mining operations, and focused on its large natural gas holdings in British Columbia. It also quickly began expanding international, controversially entering several markets that other companies had shunned. In 1992 it established Fortuna Petroleum, which became one of the first international oil company to do business with Cuba.
In 1993 Talisman bought Encor Inc from BCE, doubling in size and becoming one of Canada's largest petroleum companies. In 1994 the company 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. In 1997 it launched a hostile takeover 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.
In 1998 Talisman made one of its most controversial moves when it purchased Arakis Energy, which was one of the largest players 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 was for oil exploration and exploitation. As conditions in Sudan worsened an international outcry developed lead 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 the case against Talisman is still ongoing. 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. Despite large profits Talisman's stock steadily fell. In 2003 Talisman agreed to pull out of Sudan, selling its holdings to an Indian company ONGC Videsh.
Since then Talisman has expanded its operation in Malaysia and in the Canadian oil sands. The rapid rise in the price of oil has meant massive profits. 2005 also saw rumours that Talisman may be bought by Total.
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
External links
References
- Amnesty International - Sudan: Talisman Energy must do more to protect human rights
- 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
- CBC News - Human rights groups applaud Talisman move out of Sudan
- Neumeister, Larry. "Judge Lets Talisman Genocide Case Proceed Despite Warnings from Canada, U.S.." Associated Press. December 7, 2005.
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