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Reduced oil production from Terra Nova

March 10, 2006, 17:00 CET

Oil production at the Terra Nova offshore field will be reduced for the first and second quarters compared to what was originally expected, the operator Petro-Canada said in a press release on Friday. Hydro has a 15 percent share in the Canadian oil field.

The reduced production is due to delay of production from a new well, an unexpected shut down and necessary replacement of the gear box in one of the two generators aboard the production vessel. This work is expected to be completed by the end of the second quarter.

Hydro's 15 percent interest in the Terra Nova licence estimates that the company's equity will be reduced by approximately 5,000 barrels of oil per day in the first and second quarters.

The Terra Nova oil field is located 350 kilometers east-southeast of St. John's, Newfoundland, and has a floating production, storage and offloading (FPSO) vessel. Normal production from the field is approximately 110,000 barrels of oil per day.

www.petro-canada.ca