News Releases 2013

C-NLOPB Updates Terra Nova Reserve & Resources Estimates

For Immediate Release
April 2, 2013

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 (Table 1).

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 (Table 2).

The revised Terra Nova reserve and resources updates are presented in Tables 1 and 2.

Media Contact:
Sean Kelly M.A.,APR, FCPRS
Manager of Public Relations
(709) 778-1418
(709) 689-0713 (cell)

News Releases 2013

2013, Dec 19C-NLOPB Announces 2013 Call for Nominations and Improvements to the Land Tenure System
2013, Dec 13Statement to the Media – Shoal Point Energy Licence Extension Request
2013, Nov 18Statement to the Media – Updated Reserves/Resources
2013, Oct 28North Amethyst Development Plan Amendment Approved (North Amethyst Hibernia Formation)
2013, Oct 4Statement to the Media
2013, Sep 17C-NLOPB Clarifies Roles and Responsibilities with Respect to Information Release in the July 2011 Cougar Helicopter Incident
2013, Aug 30C-NLOPB announces public consultation sessions for the Eastern Newfoundland Offshore Area Strategic Environmental Assessment
2013, Jul 12Deadline Extended for Public Review of Draft Western Newfoundland and Labrador Strategic Environmental Assessment (SEA) Update Report
2013, Jul 12Report de la date limite pour l’examen public de l’ébauche du rapport de mise à jour de l’évaluation environnementale stratégique (EES) de l’Ouest de Terre Neuve et du Labrador
2013, Jun 21C-NLOPB Invites Comments on Western Newfoundland and Labrador Offshore Area Strategic Environmental Assessment Update Report
2013, Jun 5White Rose Development Plan Amendment Approved (South White Rose Extension)
2013, Jun 3Request for Proposals for the Eastern Newfoundland and Labrador Offshore Area Strategic Environmental Assessment
2013, May 16C-NLOPB Announces 2013 Calls for Bids
2013, Apr 2C-NLOPB Updates Terra Nova Reserve & Resources Estimates
2013, Feb 28Environmental assessment underway for offshore oil and gas activity in the Gulf of St. Lawrence
2013, Feb 5Opportunity for Public Comment White Rose Development Plan Amendment Application (South White Rose Extension Tie-Back Project)
2013, Feb 5C-NLOPB says more will be done to prepare for major oil spills, but spill prevention must remain the priority
2013, Jan 31Return to Night Passenger Transport Operations – Operator Response Update