Talisman has a diversified, global portfolio of oil and gas assets. The Company believes this portfolio will provide growth from shale development in North America and project developments in Southeast Asia, and result in sustainable free cash flow from the North Sea. Talisman is also focused on building its international exploration portfolio. Talisman investigates strategic acquisitions, dispositions and other business opportunities on an ongoing basis, some of which may be material. In connection with any such transaction, the Company may incur debt or issue equity securities.
In 2010, the Company's activities were conducted in North America, UK, Scandinavia and Southeast Asia. The North America segment includes operations in Canada and the United States. The Southeast Asia segment includes exploration and operations in Indonesia, Malaysia, Vietnam and Australia and exploration activities in Papua New Guinea. The Company also conducted operations in Algeria and Colombia and exploration activities in Peru, Colombia and the Kurdistan region of northern Iraq.
Talisman's aggregate production for the year ended December 31, 2010 was 417,000 boe/d (including discontinued operations), comprised of 153,000 boe/d from North America, 77,000 boe/d from the UK, 54,000 boe/d from Scandinavia, 119,000 boe/d from Southeast Asia and 14,000 boe/d from other areas. Approximately half of the Company's production is liquids and half is natural gas.
In 2011, Talisman plans to spend approximately US$4 billion on exploration and development activities, excluding non cash capital items of US$370 million. The Company has the flexibility to adjust its capital spending to pursue opportunities and respond to a changing economic outlook.
