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November 8th, 2007
Petro Canada: 2006 Report to the International Community

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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)

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