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 internationally, controversially entering several markets that other companies had shunned. In 1992 it established
Fortuna Petroleum , which became one of the first international oil companies 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
Sudan ese 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 Crime s, human rights abuses, and
Genocide . International observers accused the Sudanese government of forcibly displacing residents to make way for oil exploration and exploitation. As conditions in Sudan worsened an international outcry developed, led 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. 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
Southeast Asia and in the
North Sea . The rapid rise in the price of oil has meant massive profits. 2005 also saw rumours that Talisman may be bought by
Total .
In September 2006 the Sudanese lawsuit was dismissed by the US District Court for the Southern District of New York, pending any appeal by the plaintiffs. The court concluded that the plaintiffs had no admissible evidence to support the claims against Talisman.
On May 30, 2007 the Company announced the retirement of it's longtime President & CEO, James Buckee. John Manzoni, formerly of BP, was named as his successor, effective September 1, 2007.
Current members of the ,
James Buckee ,
Kevin Dunne ,
Al Flood ,
Dale Parker ,
Lawrence Tapp ,
Stella Thompson ,
Robert Welty , and
Charles Wilson .
