Petro-Canada Company News

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C-NLOPB Approves Hebron Application
Thursday, May 31, 2012 The Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) approves ExxonMobil's Hebron development application.

Petro-Canada to Fire Up Syrian Gas Production Soon
Tuesday, April 06, 2010 Petro-Canada announced Tuesday it would start producing some 80 million cubic feet of gas a day (or 2.5 million cubic meters a day) from Syria's Ebla gas project.

Faroe: Possible Hydrocarbons Found in North Sea Well
Tuesday, March 23, 2010 Potential hydrocarbons were encountered at the Fogelberg prospect located in the Norwegian North Sea.

KCA DEUTAG Lands Drilling Gig in Libya
Thursday, March 11, 2010 KCA DEUTAG secured two contracts for Petro-Canada's drilling campaign in the Sirte Basin which comprises approximately fifty onshore vertical exploration wells.

Noble Energy Purchases DJ Basin Upstream Assets
Tuesday, March 02, 2010 Noble Energy has closed the previously announced purchase of substantially all of Petro-Canada and Suncor's U.S. Rockies upstream assets.

Fogelberg Prospect Spudded in Norwegian Sea
Friday, February 12, 2010 Drilling has commenced on the Fogelberg prospect, operated by Centrica Resources, in the Norwegian Sea.

North Sea Wildcat Purrs for Petro-Canada
Monday, January 11, 2010 Petro-Canada, operator of production license 375, has completed the drilling of wildcat well 34/4-11, which proved oil in the Brent group and in the Statfjord formation.

Suncor Reports on Oil Sands Production for November
Thursday, December 03, 2009 Suncor's oil sands production during November averaged approximately 314,000 barrels per day (bpd).

TSMarine to Abandon 2 Moray Firth Wells for Petro-Canada
Monday, November 16, 2009 A new contract will see TSMarine Subsea prepare a program to abandon two Category One suspended subsea wells in block 25 of the Moray Firth region for Petro-Canada UK.

Suncor Posts Higher Net Earnings for Third Quarter '09
Friday, November 06, 2009 Suncor Energy reported third quarter 2009 net earnings of $929 million, compared to $815 million in the third quarter of 2008.

Suncor, Petro-Canada Complete Merger
Monday, August 03, 2009 Suncor has completed its merger with Petro-Canada on August 1, the "new" Suncor Energy will begin trading on the New York Stock Exchange today and on the Toronto Stock Exchange on August 7.

Petro-Canada Highlights Strategy, Plans White Rose Start-Up in Early 2010
Thursday, July 30, 2009 Petro-Canada has highlighted the company's business strategy and outlook for the remainder of the year as it intends to merge with Suncor. Petro-Canada has also provided an update on its major development projects.

Strong Operations, Solid Liquidity Position Petro-Canada Well for Merger
Thursday, July 30, 2009 "Staying the course we charted for ourselves at the beginning of this year has us in a strong position heading into our merger with Suncor," said Ron Brenneman, Petro-Canada's president and chief executive officer.

Petro-Canada to Drill Exploration Well 34/4-11 with Songa Delta
Tuesday, July 21, 2009 Petro-Canada was granted consent to conduct exploration drilling of well 34/4-11 with the Songa Delta semisub.

Province Snags Increased Stake, Top Royalty Rate in Hibernia Southern Ext.
Tuesday, June 16, 2009 "Hibernia South will increase and sustain production from the Hibernia field, preserving employment levels while providing a significantly greater royalty return for the province than any previous project," said Newfoundland & Labrador's Premier.

Shell to Wait for Right Econ to Move on Certain Projects
Monday, June 08, 2009 Royal Dutch Shell will wait until the economics is right before advancing its oil sands and floating liquefied natural gas projects, its outgoing chief executive said Monday.

Petro-Canada's Shareholders Vote Yes to Merge with Suncor Energy
Thursday, June 04, 2009 Petro-Canada's shareholders approved the merger of the Company and Suncor and certain of their subsidiaries, pending a positive shareholder vote by Suncor's shareholders. All other resolutions also passed at the annual general and special meeting.

AGR's Software to Maximize Performance During Well Construction Projects
Tuesday, June 02, 2009 AGR Petroleum Services has secured contracts for its cutting-edge software that will allow operators to maximize performance during well construction projects.

Petro-Canada Reports Profits Down, Keeps Strong Liquidity
Tuesday, April 28, 2009 Petro-Canada announced today first quarter operating earnings of $111 million, down 88% from $899 million in the first quarter 2008.

Suncor, Petro-Canada Choose Executive Team for Merged Co.
Thursday, April 23, 2009 Suncor Energy Inc. and Petro-Canada announced the executive team that is expected to lead the combined company on closing of the proposed merger.

Musings: Changing Landscape of Global E&P Industry
Tuesday, March 31, 2009 G. Allen Brooks examine the shifting landscape for the E&P industry in light of recent merger and acquisition news and discounts the probability of a wave of takeovers.

Two Canadian Oil Giants Join Forces in $15B Merger
Monday, March 23, 2009 Suncor and Petro-Canada have agreed to merge the two companies in a $15 billion transaction.

Petro-Canada Extends Deepest Sympathy after Helicopter Tragedy
Monday, March 16, 2009 Petro-Canada, operator of the Terra Nova field, has issued a statement in response to last week's helicopter tragedy offshore Newfoundland.

Obama's Canada Visit Highlights Oil Sand Woes
Friday, February 20, 2009 President Barack Obama's visit to Ottawa on Thursday has helped focus attention on the upheaval taking place in Canada's energy industry.

Nexen Unlocks Oil at Hobby Near Golden Eagle Find
Thursday, February 12, 2009 Nexen discovered oil at the Hobby exploration well, located in the UK North Sea near the recent Golden Eagle and Pink discoveries.

Petro-Canada Reviews '08 Exploration Activity, to Drill 12 Wells in 2009
Thursday, January 29, 2009 For the year ended December 31, 2008, Petro-Canada and its partners finished operations on 16 wells.

Petro-Canada Cites Strong Balance Sheet, Liquidity Position for 2009
Thursday, January 29, 2009 Petro-Canada has posted its fourth quarter operating earnings of $518 million, up slightly from $513 million in the fourth quarter of 2007.

Petro-Canada's Oil Sands Production Up 22% in Fourth Quarter '08
Thursday, January 29, 2009 Petro-Canada has provided a production and operational update for the quarter and year ended December 31, 2008.

Petro-Canada Declares Quarterly Dividend
Thursday, January 29, 2009 Petro-Canada has declared a quarterly dividend of $0.20 per share on the outstanding common shares of the Company.

Neptune Marine Services Grows Subsea Base with Latest Acquisition
Monday, January 12, 2009 Neptune Marine Services has completed the acquisition of Subsea Engineering Services, a specialist provider of subsea consultancy and project services to the global oil and gas industry.

BLM Receives Final Payments for Alaska Bids
Thursday, January 08, 2009 The Bureau of Land Management has received the final payments on high bids made by Anadarko, ConocoPhillips, Petro-Canada, and FEX L.P. for tracts within the National Petroleum Reserve-Alaska.

5 Oil Companies High Bidders for Leases in Alaska Reserve
Wednesday, December 17, 2008 Five companies submitted high bids of almost $31 million for 150 tracts in the Northwest and Northeast portions of the National Petroleum Reserve in Alaska.

Canada Oil Sands Output Forecast Cut on Project Delays
Friday, December 12, 2008 Forecasts for Canada's oil sands output have been scaled back again, as the wave of project delays cut into already reduced industry estimates.

Canadian Oil, Gas Cos Cut Back 2009 Spending But Not Output
Friday, December 12, 2008 Despite sharp cuts to their spending plans for 2009, Canada's oil and gas companies are aiming to maintain or even increase current production levels.

Petro-Canada Projects '09 Upstream Production, Trims Capital Budget
Thursday, December 11, 2008 In 2009, Petro-Canada's upstream production is expected to be in the range of 360,000 boe/d to 395,000 boe/d. The company has also approved a capital and exploration expenditure program of up to $4 billion for 2009, down significantly from 2008.

C-NLOPB Receives 5 Exploration Bids Offshore Newfoundland, Labrador
Monday, November 17, 2008 The Canada-Newfoundland and Labrador Offshore Petroleum Board has announced the results of the 2008 Calls for Bids NL08-1 and NL08-2 for exploration rights in the Newfoundland and Labrador Offshore Area.

Canada's Oil Firms Pull Back
Wednesday, November 12, 2008 Canada's major energy companies are tightening their belts after a stellar earnings season, as the stresses in financial and commodity markets presage tougher times ahead.

Suncor Slows Oil-Sands Project, Others May Follow
Friday, October 24, 2008 With other delays expected to follow Suncor's announcement, oil-sands output forecasts could be lowered once more, further curtailing the amount of crude intended for the U.S. and undermining Canada's appeal as an alternative to Middle East Crude.

Petro-Canada Finishes Ops on 14 of 17 Planned Wells for FY08
Thursday, October 23, 2008 For the nine months ended September 30, 2008, Petro-Canada and its partners finished operations on 14 of the up to 17 wells planned for the year.

Petro-Canada Names New General Manager for Norway
Tuesday, October 07, 2008 As Petro-Canada's International and Offshore business continues to grow, the Company maintains its focus on developing employees to respond to business challenges.

BGP Inks 3D Seismic Deal in Libya
Thursday, September 25, 2008 Petro-Canada and BGP signed a 3D seismic aquisition contract, the largest BGP has ever won in Libya, for work in the Sirte Basin, which covers 18 blocks.

Delays Loom in Oil Sands as Small Cos Eye Market Turmoil
Friday, September 19, 2008 While plummeting oil prices have unnerved Alberta's oil sands industry, it is the fallout from the banking crisis that is keeping company executives awake at night.

Chevron Canada, Co-Venturers Get Govt. Nod to Develop Hebron Project
Wednesday, August 20, 2008 Chevron Canada and its co-venturers have finalized legal agreements with the government of Newfoundland and Labrador to develop the Hebron heavy oil project offshore the east coast of Canada.

Canada's C$5B Hebron Oil Deal Could Be Finalized This Week
Monday, August 18, 2008 A deal to develop the C$5 billion Hebron oil field off the east Canadian coast could be finalized this week, CBC News reported Monday. Hebron could contribute C$16 billion to the provincial economy over its 25-year life.

Husky Marks Production Milestone at 100MM Barrels from White Rose
Thursday, August 14, 2008 Husky Energy announced that 100 million barrels of crude oil has been produced from the White Rose oil field, 350 kilometers southeast of St. John's, Newfoundland and Labrador.

Faroe Petroleum Cross-Assigns 2 UK Central North Sea Licenses
Tuesday, August 05, 2008 Faroe Petroleum announced the cross-assignment of two UK Central North Sea licenses. By means of cross assignment, the parties to License P.1459 (Block 13/24d) and License P.1404 (Block 13/25a formerly West Halibut) equalized their interests in each.

Petro-Canada Increases Quarterly Dividend by 54%
Thursday, July 24, 2008 Petro-Canada declared a quarterly dividend of $0.20 per share on the Company's outstanding common shares, a 54% increase compared with the $0.13 per share dividend declared in April 2008.

DONG Increases Stakes in Hejre Licenses
Monday, July 14, 2008 DONG has acquired the 10% stake from Bayerngas for $48 million, as well as an 8% stake in the Hejre Extension license. The acquisition will increase DONG Energy's stakes in these licenses to 60% and 48%, respectively.

Talisman's Well on Trow Tests Negative
Tuesday, July 01, 2008 Revus has announced that Talisman Energy has drilled a dry exploration well 32/2-1 on the Trow prospect located to the east of the Troll field. The well will now be plugged and abandoned.

Petro-Canada Breaks into Libya with 6 New EPSA Contracts
Thursday, June 19, 2008 Petro-Canada has signed six new 30-year EPSA contracts with the Libyan NOC. In just five to seven years, the redevelopment program is expected to double current production levels from existing fields to 200,000 bo/d.