NGI Archives | NGI All News Access
Petro-Canada Wraps Up Biggest Land Deal
Petro-Canada of Calgary completed the largest land acquisitionprogram in its history as part of its focus on Canadian frontiergas and Grand Banks oil production. The company participated inthree land sales and a major farm-in to acquire new explorationacreage in the Mackenzie Delta, located in the NorthwestTerritories; the Flemish Pass Basin, located on the East Coastoffshore Newfoundland; and on the Scotian Shelf, located offshoreNova Scotia. The program adds 2.7 million acres (1.5 million netacres) to Petro-Canada’s land position.
The land acquisitions establish two new gas explorationfootprints: in the Mackenzie Delta and the Scotian Shelf.Petro-Canada acquired two exploration licenses in the MackenzieDelta in September totaling about 370,000 acres (222,000 netacres). In October, Petro-Canada acquired a deep-water ScotianShelf parcel consisting of about 419,000 acres (147,000 net acres).Petro-Canada also entered into a farm-in arrangement on anadjoining 742,000-acre (495,000 net acres) Scotian Shelf block. Theacquisition and farm-in bring Petro-Canada’s acreage on the ScotianShelf to about 1.2 million acres (642,000 net acres).
©Copyright 1999 Intelligence Press Inc. All rights reserved. Thepreceding news report may not be republished or redistributed, inwhole or in part, in any form, without prior written consent ofIntelligence Press, Inc.
© 2024 Natural Gas Intelligence. All rights reserved.
ISSN © 1532-1231 | ISSN © 2577-9877 |