More exploration planned for Atlantic Canada

Petro-Canada is involved in all three of the major fields in the Jeanne d'Arc basin off the east coast of Newfoundland.

Judy Maksoud
International Editor

ST. JOHN'S, Newfoundland and Labrador -- Petro-Canada is involved in all three of the major fields in the Jeanne d'Arc basin off the east coast of Newfoundland. Peter Kallos, executive vice president, international exploration and development, talked about the company's exploration and development plans for the region at the Newfoundland Ocean Industries Association annual meeting on June 20.

Petro-Canada holds 27.5% interest in Hibernia, 20% interest Terra Nova, and 35% interest in White Rose. These three fields hold considerable reserves, Kallos said, with Hibernia at 1.2 Bbbl, Terra Nova with 440 MMbbl, and White Rose with 230 MMbbl. Ongoing appraisal drilling is continuing to add reserves on both Hibernia and White Rose.

Kallos discussed his company's operations in the North Sea as well, explaining the "concentric development" approach being use to bring marginal fields into production by trying them in to established production infrastructure. The company hopes to apply this production approach in Easter Canada, Kallos said.

Petro-Canada is carrying out seismic work offshore Newfoundland this summer, Kallos said, and is hoping to add on to Hibernia production.

Kallos is looking forward to the year's ambitious exploration plan. "There are challenges on all of the fronts," Kallos said. "We're looking forward to Petro-Canada being part of these developments."

6/20/2007

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