Petro-Canada’s North African and Near East ventures produced 152,000 barrels of oil equivalent per day (bpd) in the fourth quarter of 2002. Libyan production averaged 43,500 bpd, Syrian production reached 106,300 bpd and production from Algeria averaged 1,400 bpd.
Net daily production for the region in 2003 is expected to average 157,000 bpd. The company is operational is Libya’s En Naga project and Algeria’s Tamadanet field on the 1.5-million-acre Tinrhert Block. A 2-D seismic program has been completed in Tunisia
In addition, Petro-Canada acquired the upstream operations of Veba Oil & Gas, a European-based exploration and production company, in early 2002. Veba’s production and exploration interests are concentrated in the North Sea, North Africa, and northern Latin America.
Based in Calgary, Petro-Canada is one of Canada's largest oil and gas companies, operating in both the upstream and downstream sectors of the industry in Canada and internationally. — (menareport.com)
© 2003 Mena Report (www.menareport.com )