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PETRO-CANADA STRENGTHENS ITS POSITION IN TERRA NOVA

 CALGARY, Alberta, July 13 /PRNewswire/ -- Petro-Canada announced today that it has increased its interest in the Terra Nova oil field through an exchange of properties with Shell Canada Ltd. Petro-Canada acquired Shell's 5.3 percent interest in Terra Nova, along with interests in other minor Grand Banks properties, in exchange for portions of Petro-Canada's interest in six gas fields on the Scotian Shelf off the coast of Nova Scotia.
 Petro-Canada Resources President Norm McIntyre said, "We see Terra Nova as the next East Coast oil development to proceed, and this transaction gives us a much stronger position in the field. Our interest in the field is now about 49 percent, and we have gained more than 20 million barrels of additional offshore reserves."
 Petro-Canada now holds approximately 30 percent of the oil discovered on the Grand Banks and 25 percent of the natural gas discovered on the Scotian Shelf.
 Terra Nova is located on the Grand Banks about 350 kilometers southeast of St. John's, Newfoundland. Petro-Canada discovered the field in 1984, and since then eight additional wells have been drilled. The Canada Newfoundland Offshore Petroleum Board estimates Terra Nova reserves at about 400 million barrels. Once on production, the field could produce in the order of 100,000 barrels of per day, with an anticipated field life of 15 years. It is estimated it would cost about $2.2 billion to develop the field to the start of production.
 -0- 7/13/93
 /CONTACT: David Hocking, public affairs of Petro-Canada, 403-296-8484/
 (PCA.)


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

JB -- LA018 -- 0919 07/13/93 13:24 EDT
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Publication:PR Newswire
Date:Jul 13, 1993
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