Offshore regulator says expect another 87 million barrels
FPSO —Telegram file photo
The offshore regulator sees another 87 million barrels coming from the Terra Nova oil field as a result of upgrades to the floating production vessel and flowlines being used to tap into the field’s oil reserves.
The Canada-Newfoundland and Labrador Offshore Petroleum Board (CNLOPB) has officially confirmed the upgrade to the resource estimate for The Telegram.
The total production from the field has jumped from 419 million barrels of oil to 506 million barrels.
The additional production is expected to come in large part as a result of the extended service life of the oil project.
It is expected the oil field will now be in operation until 2027, extended from the previous estimate of 2020.
The added production was known to the province as of about mid-March, according to a staff member at the offshore regulator.
The Terra Nova field was discovered in 1984 and became the second oilfield to be developed after Hibernia.
About 350 kilometres from St. John’s, the project is led by Suncor Energy.
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