Production
Fourth quarter production from continuing operations averaged 409,800 barrels of oil equivalent per day (boe/d) net to Petro-Canada in 2007, up significantly from 368,200 boe/d net in the same quarter of 2006. Higher volumes reflected the addition of North Sea projects (Buzzard, De Ruyter, L5b-C and Saxon) and a rise in East Coast Canada production. This was partially offset by lower Oil Sands production and declines in the North American Natural Gas business. Production in the fourth quarter of 2006 was reduced as Terra Nova completed its planned maintenance turnaround.
In 2007, production of crude oil, natural gas liquids (NGL) and natural gas from continuing operations averaged 418,400 boe/d net, up 21% from 345,400 boe/d in 2006.
Fourth quarter 2006 production from continuing operations averaged 368,200 barrels of oil equivalent/day (boe/d), net to Petro-Canada in 2006, up from 359,800 boe/d, net in the same quarter of 2005. Higher volumes reflect the ramp up of White Rose, the addition of North Sea projects De Ruyter and L5b-C, and higher Oil Sands production. This was partially offset by the Terra Nova shutdown and natural declines in North American Natural Gas.
In 2006, production of crude oil, natural gas liquids (NGL) and natural gas from continuing operations averaged 345,400 boe/d net, down from 354,600 boe/d in 2005.
Reserves
In 2007, the Company replaced 243%(1) of production on a proved plus probable basis. Proved plus probable reserves additions totalled 372 MMboe, excluding 2007 production of 153 MMboe net. As a result, total proved plus probable reserves increased from 2,190 MMboe at year-end 2006 to 2,409 MMboe at year-end 2007. The proved plus probable reserves life index (RLI) was 15.8 at year-end 2007, compared with 17.3 at year-end 2006.
Proved Reserves (MMboe)
As at December 31, 2006: 1,274
Revisions of previous estimate: 85
Net purchases/sales: (3)
Discoveries, extensions and improved recovery: 112
Production net (153)
As at December 31, 2007: 1,315
In 2006, the Company replaced 134% of production on a proved basis. Proved reserves additions totalled 168 MMboe, compared with 2006 production of 126 MMboe net. As a result, total proved reserves increased from 1,232 MMboe at year-end 2005 to 1,274 MMboe at year-end 2006.
