Ranger Oil (U.K.) Limted to be Renamed
Canadian Natural Resources Limited ("Canadian Natural") announced that it has changed the name of its subsidiary, Ranger Oil (U.K.) Limited to CNR International (U.K.) Limited ("CNR International"). Other subsidiary companies operating in CNR International's core areas will be changed in a similar manner over the next several months. These name changes will better identify operations in the United Kingdom, North Sea and Offshore West Africa with Canadian Natural while building on Ranger's well-deserved reputation for operating safely and efficiently in offshore environments.
Since acquiring Ranger Oil Limited one year ago, Canadian Natural has consolidated its international operations into two core areas – the U.K. sector of the North Sea and Offshore West Africa. This consolidation and focus has resulted in international light oil production increasing from 32,000 barrels of oil per day in November 2000 after the FPSO at Banff was removed for remedial work to current average production of over 45,000 barrels of oil per day. These production increases were achieved from new production in the operated U.K. fields of Kyle and Columba and the re-commencement of production from the Banff field.
In addition to the production increases, CNR International has undertaken activities to effectively expand Canadian Natural's international platform of assets and operations. In the Espoir field in Côte dIvoire, additional working interests were acquired in April 2001 and fullscale development has commenced with first production of 7,500 net barrels of light oil and 20 million cubic feet of natural gas per day scheduled for early 2002. At Baobab, in deeper water south of Espoir, a successful exploratory well was drilled and production tested at 6,700 barrels of oil per day. Further delineation of the Baobab discovery well will be carried out with two appraisal locations to commence drilling operations in late 2001 or early 2002. In addition, seismic interpretation has identified another four look-a-like structures with similar geological and geophysical attributes to the Baobab structure. Exploratory seismic operations are also being carried out offshore Angola and South Africa. These operations will provide significant opportunities for Canadian Natural to grow its core Offshore West Africa area.