Petro-Canada to increase Terra Nova production

Offshore staff

(Canada)- Petro-Canada's plans to produce hydrocarbons in two fault blocks within its Terra Nova field have been approved by the Canada-Newfoundland and Labrador Offshore Petroleum Board. The field is located offshore Newfoundland and Labrador, and the regions in question are in the southeast and central-east regions of the North Graben field.

One well in the North Graben southeast area was already drilled earlier this year, and has been completed for production. Two additional wells are planned for drilling in the central-east block sometime next summer. The two blocks stand to increase oil-in-place reserves by about 30 MMbbl, and there is potential to add a further 50 MMbbl from seven other North Graben fault areas in the future.

10/18/2005