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SHELL CONSOLIDATES OFFSHORE NOVA SCOTIA HOLDINGS

 CALGARY, Alberta, July 13 /PRNewswire/ -- Shell Canada Ltd. announced today that it has increased its interests in six natural gas fields off the coast of Nova Scotia.
 Shell has acquired a portion of Petro-Canada Inc.'s interests in six gas fields off Sable Island, Nova Scotia, in exchange for Shell's 5.3 percent interest in Newfoundland's Terra Nova oil field and some smaller interests in other minor Grand Banks properties.
 "We are consolidating Shell's interests in the east coast offshore," said Robert F. Taylor, executive vice president, Resources, Shell Canada Ltd. "Our investment in Canadian offshore natural gas is a long-term, strategic investment, and there are no plans for immediate development."
 Shell's interests in the six fields -- Venture, South Venture, Thebaud, North Triumph, Glenelg, Alma -- increases to about 25 percent of the total reserves. Gas in place for these fields is about 5 trillion cubic feet, with recoverable sales gas reserves estimated at 3.7 trillion cubic feet, according to an independent study recently commissioned by the Nova Scotia Department of Natural Resources.
 The gas fields are located in the Sable sub-basin on the Scotian Shelf, about 250 kilometers east of Halifax. Shell has had interests in the area since 1963.
 The Shell/Petro-Canada property swap is effective immediately.
 -0- 7/13/93
 /CONTACT: Pat Chapman, manager, Public Affairs, Resources of Shell Canada Limited, 403-691-2065/
 (SHC.)


CO: Shell Canada Ltd.; Petro-Canada Inc. ST: Alberta IN: OIL SU: TNM

EH-LS -- LA020 -- 0929 07/13/93 13:36 EDT
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Publication:PR Newswire
Date:Jul 13, 1993
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