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Petro-Canada sets capital budget



By Upstream staff 

Petro-Canada has approved a 2006 budget of $3.4 billion - about equal to what it expects to spend this year.

The 2006 capital programme is comprised of $1.8 billion directed to growth projects, exploration and new venture developments; $1 billion to replace reserves in core areas; $395 million to enhance existing assets and to improve profitability in the base business; and $265 million to comply with new regulations.

The entire budget will be funded from cash flow.

Petro-Canada's upstream production is expected to be in the range of 425,000 to 450,000 barrels of oil equivalent per day next year.

Production for the full year 2005 is expected to be 415,000 to 430,000 boepd, in line with previous guidance.

The expected growth in 2006 production is largely due to additional volumes from White Rose, the Syncrude Stage III expansion, De Ruyter start-up and a new well pad at MacKay River.


Thursday, 15 December, 2005, 20:57 GMT  | last updated: Thursday, 15 December, 2005, 20:57 GMT

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