ST. JOHN’S, N.L. – Newfoundland and Labrador’s offshore petroleum regulator says the life of the Terra Nova oil and gas field will be extended by seven years to 2027.
The Canada-Newfoundland and Labrador Offshore Petroleum Board says upgrades completed by Suncor Energy (TSX:SU.TO) in January have allowed the field life to be extended from its original estimate of 2020.
The upgrades made by the company include the replacement of flow lines at the field, which is about 350 kilometres southeast of St. John’s.
The board says the proven and probable oil reserve has increased to 506 million barrels from 419 million barrels.
The proven and probable recoverable gas resource estimate has increased to 64 billion standard cubic feet from 53.3 billion, while the reserve for natural gas liquids has increased to 4.6 million barrels from 3.8 million.
The board says it completed its analysis of the reserves last month, based on production data for January and February.