Petro-Canada CEO: Rigs Lined Up, Drilling to Begin Q3-Q4

Canadian oil and gas company Petro-Canada (TSX: PCA), in the third or fourth quarter of this year, expects to begin exploration drilling on its shallow and deepwater blocks offshore Trinidad & Tobago, company CEO Ron Brenneman said in a webcast.

Rigs have been lined up for shallow block 1a and 1b, where four wells will be drilled, and for deepwater block 22, which is a 2-4 well program, Brenneman said.

"They're [the rigs] all lined up. It's just a matter of when they complete their current drilling programs and come into our program," he said.

The Rowan Gorilla III jackup will work on block 1a and 1b and the Ocean Worker semisub will work at block 22.

OUTPUT

In Trinidad & Tobago, Petro-Canada has a 17.3% working interest in the North Coast Marine Area operated by the UK's BG Group.

Trinidad & Tobago's offshore gas production in the second quarter of this year averaged 73Mf3/d (2.07Mm3/d), up 30.4% from 2Q06, Petro-Canada said.

The Canadian company attributed increased output to additional supply volumes into the Atlantic LNG trains.

Petro-Canada in 2006 produced 63Mf3/d from its Trinidad & Tobago operations.

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