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Market Chatter: Talisman Energy Giving Up Its 8 Yr Long Effort To Produce Oil in Peru

Canada's Talisman Energy Inc (TLM.TO) is giving up its eight-year-long effort to produce oil in Peru, the company said on Thursday, as it continues to shed assets in a bid to boost its share price, Reuters reported.

The energy producer, which replaced its CEO on Monday after an eight-month review of strategy and operations, said it could not afford to chase expensive long-term prospects in Peru.

The company, with operations in North America, the North Sea and Southeast Asia, has been discussed as the next big takeover target in the Canadian oil patch following Nexen Inc (NXY.TO), which has agreed to be acquired by Chinese state-owned CNOOC Ltd in a $15.1 billion deal that is not finalized.

Talisman's withdrawal from Peru will open its concessions in the Maranon Basin in the north of the country, including the 40,000 barrels of light oil it discovered in block 64, to new operators.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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