Talisman Energy Inc. has announced its decision to stop exploration activities in the Marañon basin in northern Peru, performed by its subsidiary, Talisman Peru B.V., and exit the country upon completion of ongoing commercial transactions.

The operator of blocks 64 and 103 is Talisman Peru B.V., and the company has non-operated interests in blocks 123 and 129. Talisman has been exploring in northern Peru since 2004.

“Despite our success in finding light oil in Block 64 (Situche Central), we have been unable to build a material resource position in Peru. After careful consideration, a decision has been made to exit Peru and focus on near-term liquids and oil-linked gas opportunities in our global portfolio,” Richard Herbert, executive vice president for international exploration of Talisman Energy Inc.

“Talisman Peru B.V. will begin the process to withdraw from the License Contracts and work with Perupetro, the Peruvian petroleum licensing agency, to enable a smooth and efficient transition of the License Contracts to a new operator. While we are disappointed this play has not come to fruition for Talisman, we are hopeful another operator will continue our good work in the area and develop the Situche discovery in the future.”

Talisman Peru B.V. will continue working in Peru in order to fulfill any contractual or legal obligations related to its operations, particularly those related to environmental or social issues.