Regulator raises estimate for Terra Nova reserves by 21 pct

Tue Apr 2, 2013 4:06pm EDT
 
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CALGARY, Alberta, April 2 (Reuters) - The reserve estimate for Suncor Energy Inc Terra Nova field offshore Newfoundland has been raised by 21 percent, the Canada-Newfoundland and Labrador Offshore Petroleum Board said on Tuesday.

The board said it now expects the field contains proved and probable reserves of 506 million barrels, up from its previous 419 million barrel estimate.

The board said it now expects the field, which currently produces just over 200,000 barrels per day, to operate until 2027, seven years more than it last estimated.

Suncor operates the field. Its partner include Exxon Mobil Corp, Statoil ASA, Husky Energy Inc, Murphy Oil Corp, Mosbacher Operating Ltd and Chevron Corp.