Petro-Canada Issues Update on Trinidad Activities

Canadian oil and gas company Petro-Canada (TSX: PCA) expects to produce 65Mf3/d (1.84Mm3/) of gas from its Trinidad & Tobago operations this year, according to a company presentation. Petro-Canada has a 17.3% working interest in the North Coast Marine Area operated by the UK's BG Group (NYSE: BGR). Last year, the Canadian company produced 63Mf3/d from its Trinidad & Tobago operations, according to the company website.


Petro-Canada in the second half of this year plans to begin exploration drilling of offshore shallow block 1a and 1b off Trinidad and deepwater block 22 off Tobago, company executive VP international and offshore, Peter Kallos said in a webcast.

"We have four deep water prospects on block 22 targeting large gas reserves," said Kallos, adding four prospects on block 1a and 1b will target medium-sized gas and oil reserves.

Petro-Canada has already contracted the Ocean Worker semi-submersible rig for block 22 and the Rowan 3 Gorilla jack-up rig for block 1a and 1b. Drilling results are due by year-end or early 2008. Visit BNamericas to access our real-time news reports, 10-year archive, Fact File company database, and latest research reports. Click here for a Free two week trial to our Latin America Oil & Gas information service.