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
|
- All estimates are based on the C-NOPB's
assessment of Proven/Probable resources expressed at 50%
probability.
- 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.
- 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. |