Production Resumes at Terra Nova
ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(CCNMatthews - Nov. 14, 2006) - Petro-Canada today announced that oil production from the Terra Nova oil field resumed on November 12, following the completion of the planned maintenance turnaround on the Terra Nova Floating Production Storage and Offloading vessel (FPSO).
"Over the course of the fourth quarter, we expect to re-start all the wells and ramp up to peak production volumes in the 100,000 to 110,000 barrels per day range," said Bill Fleming, Vice-President, East Coast Oil. "Along with the work done in the turnaround, the 40 new beds on the FPSO will permit improved inspection and preventative maintenance programs aimed at reducing future downtime."
Petro-Canada now expects Terra Nova average production in the fourth quarter of 2006 to be 33,000 barrels per day gross (11,200 barrels per day net to Petro-Canada).
The vessel left the Terra Nova field in late June, and after arrival at the Keppel Verolme (KV) shipyard in Rotterdam, the Netherlands on July 5, entered dry dock on July 26. The FPSO departed from the KV yard on September 13, arrived back in the Terra Nova field on September 25 and was re-connected to its mooring system on October 1.
Petro-Canada is one of Canada's largest oil and gas companies, operating in both the upstream and the downstream sectors of the industry in Canada and internationally. The Company creates value by responsibly developing energy resources and providing world class petroleum products and services. Petro-Canada is proud to be a National Partner to the Vancouver 2010 Olympic and Paralympic Winter Games. Petro-Canada's common shares trade on the Toronto Stock Exchange under the symbol PCA and on the New York Stock Exchange under the symbol PCZ.
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John Downton, Corporate Communications
Petro-Canada (St. John's)
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