C-NOPB Revises Reserve Estimates for Terra Nova



The Canada-Newfoundland Offshore Petroleum Board has revised its estimates of the oil reserves and discovered gas and gas liquid resources at the Terra Nova Field. This revision is the result of new information acquired from drilling and production activities.

The Board now estimates that the oil reserves in the Terra Nova field to be 56.3 million cubic metres (354 million bbls), which is a 13 percent reduction from our previous reserve estimates of 64.4 million cubic metres (405 million bbls). Most of this reduction is attributable to the Far East region of the field.

C-NOPB Estimates of Recoverable Reserves/Resources
Terra Nova Field

New 1

Previous1

Millions barrels

Millions barrels

Graben region

165

95

East Flank region

144

148

Far East region

45

162

Total Oil Reserves2

354

405

Cumulative Oil Production to end of 2003

87

Remain Oil Reserves

267

Total Natural Gas Liquids Resources3

3.2

14

Total Gas Resources3

44.9

billion cubic feet

269

billion cubic feet