Petro-Canada is reporting oil and gas discoveries at two exploration wells: one in the U.K. sector of the North Sea and one in deep water off Trinidad and Tobago.
In Trinidad and Tobago, the Cassra-1 well in deep-water Block 22 was completed as a significant natural gas discovery. Petro-Canada operates the well and holds a 90 per cent interest.
The second discovery was in the British sector of the North Sea, with the successful completion of the 13/21b-7 well. The well encountered two oil columns that total nearly 80 metres when combined.
Preliminary estimates suggest a commercial discovery, but more appraisals are required before potential reserves can be fully assessed. Petro-Canada operates the well and holds a 50 cent interest.
Petro-Canada is one of Canada’s largest oil and gas companies, operating in both the upstream and the downstream sectors of the industry in Canada and internationally.