C-NLOPB Completes Reassessment of Terra Nova Reserve & Resources Estimates, Canada

The Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) has completed a reassessment of the oil, gas and natural gas liquids (NGLs) reserve and resources estimates for the Terra Nova field and has revised the current estimates. Reserve and resources estimates are reviewed and updated when significant new information is acquired during drilling and production activities or on completion of major geological studies or reservoir simulation studies.

In January 2013, Suncor completed significant upgrades and maintenance to the Terra Nova FPSO which included a swivel replacement and additional satellite equipment. The offshore riser and flowlines were also replaced in the Terra Nova field. These upgrades have allowed the field life to be extended to 2027, as opposed to the original estimated field life of 2020.

Based on production data acquired for January and February 2013, the C-NLOPB were able to complete its analysis in March. The review indicated that the Proven and Probable oil reserve has increased from 419 million barrels to 506 million barrels; a difference of 87 million barrels.

The Proven and Probable recoverable gas resource estimate has increased from 53.3 billion standard cubic feet (Bscf) to 64 Bscf while the NGLs resources have increased from 3.8 million barrels to 4.6 million barrels.

[mappress]
Press Release , April 03, 2013