News Releases
Government Home Search Sitemap Contact Us  

NLIS 2
May 19, 2004
(Natural Resources)

 

The following is being distributed at the request of the Canada-Newfoundland Offshore Petroleum Board:

C-NOPB releases revised reserve and discovered resource estimates for Terra Nova

The Canada-Newfoundland Offshore Petroleum Board (C-NOPB) has revised its estimates of the oil reserves and discovered gas and gas liquid resources at the Terra Nova field. This revision is the result of new information acquired from drilling and production activities.

The board now estimates that the oil reserves in the Terra Nova field to be 56.3 million cubic metres (354 million bbls), which is a 13 per cent reduction from our previous reserve estimates of 64.4 million cubic metres (405 million bbls). Most of this reduction is attributable to the far east region of the field.

C-NOPB Estimates of Recoverable Reserves/Resources
Terra Nova Field

 

New1

Previous1

 

Millions barrels

Millions barrels

     Graben region

165

95

     East Flank region

144

148

     Far East region

45

162

Total Oil Reserves2

354

405

     Cumulative Oil Production to end of 
     2003

87

 

     Remain Oil Reserves

267

 

Total Natural Gas Liquids Resources3

3.2

14

Total Gas Resources3

44.9
billion cubic feet

269
billion cubic feet

  1. All estimates are based on the C-NOPB's assessment of Proven/Probable resources expressed at 50% probability.
  2. Reserves: those volumes of hydrocarbons, oil and /or gas, that are considered to be recoverable using current technology and under present and anticipated economic conditions.
  3. Discovered resources: those volumes of hydrocarbons that have been assessed to be technically recoverable but have not been delineated and/or have uncertain economic viability.

BACKGROUNDER

The volume of recoverable hydrocarbons in a field consists of that proven by drilling and testing, as well as that interpreted to exist from geological, geophysical or other information. The reserves/discovered resources are further classified to reflect the inherent uncertainty in the interpretation and the lack of detailed geological and reservoir data. The table below reflects estimates for the Terra Nova field divided into the three categories used by the board for resource/reserve classification. Estimate revisions will continue throughout the life of a field as more data is acquired and assessed.

 

Proven

Proven

Probable

Proven Probable Possible

 

Millions cubic metres

Millions barrels

Millions cubic metres

Millions barrels

Millions
cubic metres

Millions barrels

Oil Reserves

35.6

224

56.3

354

76.3

480

     Cumulative Oil      
     Production

13.9

87

13.9

87

13.9

87

     Remain Oil 
     Reserves

21.7

136

42.4

267

62.4

392

Natural Gas Liquids Resources

0.20

1.3

0.51

3.2

1.28

8.1

Gas Resources

497

17.7 billion cubic feet

1,265

44.9 billion cubic feet

3,169

124.8 billion cubic feet

  • Proven � generally consider to be 90% chance of recovery
    Hydrocarbons that have been confirmed by drilling and testing or where sufficient geological and geophysical data exist to project the existence of hydrocarbons in adjacent fault blocks. A high confidence level is placed on recovery of these hydrocarbons.

  • Probable � generally consider to be 50% chance of recovery
    Hydrocarbons that are projected to exist in fault blocks adjacent to those that have been tested by wells and into which the geologic trends may extend. Also, where fluid contacts have not been defined within the area drilled, these contacts may reasonably be projected to exist. However, additional drilling is required to substantiate the existence and extent of hydrocarbons. These hydrocarbons may reasonably be expected to be recovered under normal operating conditions yet have a degree of risk, either geologic or reservoir performance related, associated with their exploitation.

  • Possible � generally consider to be 10% chance of recovery
    Hydrocarbons that may exist based on geophysical analysis and the extension of geological trends. However, due to the lack of adjacent wells located within the region and reservoir engineering and geologic data, these hydrocarbons cannot be assigned a higher probability classification.

Source: Wayne Chipman, Manager, P. Eng, Resource Management,(709) 778-1400

Media contact: Simone Keough, Communications, (709) 778-1418

2004 05 19                                        2:10 p.m.


SearchHomeBack to GovernmentContact Us


All material copyright the Government of Newfoundland and Labrador. No unauthorized copying or redeployment permitted. The Government assumes no responsibility for the accuracy of any material deployed on an unauthorized server.
Disclaimer/Copyright/Privacy Statement