Petro Canada: 2006 Report to the International Community

Details

The International and Offshore business includes our International operations and interests off the East Coast of Canada.

Outside of Canada, we have operations in the North Sea, North Africa/Near East and Northern Latin America. This business is growing by optimizing existing assets, implementing a balanced exploration program and pursuing business development opportunities. In the North Sea, we produced 43,700 boe/d net in 2006 and growth is expected in 2007 as the Buzzard field (in which we have a 29.9% interest) ramps up. In the North Africa/Near East region (Libya), we produced 49,400 boe/d net from continuing operations in 2006. In Northern Latin America, a 17.3% interest in a natural gas development in Trinidad and Tobago produced 63 MMcf/d (10,500 boe/d net) in 2006. Our exploration program spans all three regions.

In East Coast Canada, our participation in major offshore projects contributed production of 72,700 boe/d net in 2006. This production came from Terra Nova, (operator and 34% interest), Hibernia (20% interest) and White Rose (27.5% interest). At Terra Nova and White Rose, the oil flows from wells on the seabed into Floating Production Storage and Offloading (FPSO) vessels. Hibernia produces oil from a concrete gravity base structure. Our goal for East Coast Canada is to sustain profitable production by extending existing reservoirs and tying in satellite fields.

Petro-Canada International offices

Petro-Canada assets

NEWFOUNDLAND

LABRADOR

Port of Spain

Algiers

Tripoli

Damascus

Moscow

The Hague

Essen

St. Petersburg Stavanger

Aberdeen

London

Download Report (2006) (26 pages; 1.1MB PDF)