Talisman sounds a warning

By Iain Esau

 24 February 2012 01:37 GMT

An expected influx of smaller independents into the UK is being held up by the country’s fiscal and regulatory regime, according to John Manzoni, chief executive of Talisman Energy, writes Iain Esau.

“In my view, the UK has taken a step back in this regard just recently.

“There should be a queue of next-generation asset owners in the UK but the queue, frankly, is not very long”, he said.

Manzoni was referring to decommissioning costs and Westminster’s decision last year to hit oil companies with a surprise increase in corporation tax.

Manzoni said this issue is very real for Talisman, which is not investing in smaller UK oil and gas finds because it has bigger, more profitable opportunities elsewhere in its portfolio.

However, he said the Canada-based…

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