Petro-Canada offshore work to lower 2009 output
CALGARY, Alberta, Nov 25 (Reuters) - Petro-Canada (PCA.TO) said on Tuesday it is expecting a series of major maintenance turnarounds in 2009 at its three oil fields off the coast of the Canadian province of Newfoundland and Labrador, lowering output next year.
Alan Brown, vice-president, east coast Canada, at Canada's No. 4 integrated oil exploration and refining firm, said at a company-sponsored investor event that Petro-Canada expects major turnarounds at the Hibernia, Terra Nova and White Rose fields next year for maintenance and to tie in new production.
The shutdown will cut the average 90,000 barrels per day of oil Petro-Canada now gets from the three fields.
"We are expecting to see lower production in 2009," Brown said.
Over the summer, Petro-Canada will take a 35-day turnaround at its 130,000 bpd Terra Nova field.
As well, the 110,000 bpd White Rose field operated by Husky Energy Inc (HSE.TO) will take a 35-day turnaround this summer to tie in new production from a satellite field. Petro-Canada has a 27.5 percent stake in that project while Husky owns the remainder.
The 150,000 Hibernia platform will also be temporarily closed next year for 21 days, Brown said.
No specific dates were given for the shutdowns.
Petro-Canada owns 34 percent of the Terra Nova field, its partners include Exxon Mobil Corp. (XOM.N) with 22 percent, Husky, with 12.5 percent, StatoilHydro (STL.OL) with 15 percent, Murphy Oil Corp. (MUR.N) with 12 percent, Mosbacher Operating Co. with 3.5 percent and Chevron Corp. (CVX.N) with 1 percent.
Partners in Hibernia are Petro-Canada with 20 percent, Exxon Mobil, with 33.125 percent, Chevron, with 26.875 percent, Murphy, with 6.5 percent, the government of Canada's Canada Hibernia Holding Corp with 8.5 percent, and StatoilHydro with 5 percent. (Reporting by Scott Haggett; editing by Peter Galloway)
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