Talisman removes Yme oil field from targets

Tue May 1, 2012 11:05am EDT
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CALGARY, Alberta (Reuters) - Talisman Energy Inc has removed the troublesome Yme oil field development in the Norwegian North Sea from its output projections as delays due to problems with the platform persist, Chief Executive John Manzoni said on Tuesday.

Earlier, the company said it wrote down the value of the project by $248 million. It had been on Talisman's books for $900 million, Manzoni said in a conference call.

He also said he expects overall production in 2012 will be at the bottom end of his flat to 5 percent target as a result of spending cuts in response to languishing natural gas prices.

(Reporting by Jeffrey Jones; Editing by Peter Galloway)