Owned and operated 100 percent by Petro-Canada, the field is estimated to have proved plus probable reserves of more than 20 million barrels of oil. The field has been developed with sub-sea facilities tied back to the Triton floating production storage and offloading vessel (FPSO) via the Guillemot West & Northwest subsea infrastructure. Peak production of 15,000 barrels of oil per day (bopd) is expected in 2004.
Welcoming the successful start up of the field, Norm McIntyre, president Petro-Canada said: "It is a credit to our team here at Petro-Canada, and our contractors, that we have achieved first oil on schedule and within budget - from project sanction to first oil was just twelve months. The future of the UK North Sea will be about companies who have the skill and imagination to develop smaller fields economically. By having access to existing infrastructure, we have shown just how much can be achieved with the right focus, flexibility and a skilled and motivated team."
"In 2004, we are planning to invest $640 million CAD in our international business, of which $240 million CAD will be in the UK. Well over half of the UK investment is earmarked for the Pict field development which, subject to the necessary approvals, we plan to tie-back to the Triton FPSO" said Mr. McIntyre.
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