Petro-Canada to develop North Sea field

Britain has approved Petro-Canada’s plans to develop the Clapham oil field in the central North Sea, a CAD 175 million project set to start up next year. The field, located 103 miles east of Aberdeen, Scotland, was discovered in 1999 and has estimated reserves of 19.5 million barrels. Petro-Canada acquired the asset last year in its CAD 3.2 billion acquisition of Veba Oil & Gas, and subsequently boosted its interest to 100% by acquiring stakes held by Royal Dutch/Shell and Exxon Mobil Corp. The development is expected to start in 2004, with production peaking at 15,000 barrels a day. The field will be brought into production using sub-sea facilities tied back to the Triton floating production, storage and offloading vessel, Petro-Canada said.

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