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Voyage trend 1.6 2013 vermelho fhash3/9/2023 The most significant event in 2002 was the acquisition and integration of the upstream businesses of Veba Oil and Gas, creating a new core international business for Petro-Canada. In general, the report states that 2002 was an exceptional year with an operating performance that combined with favourable commodity prices to produce excellent financial results. Highlights of 2002 for each of these core business areas were presented. Petro-Canada is focused on 5 core businesses: Terra Nova east coast oil, oil sands development at MacKay River, North American natural gas exploration in the foothills, operations in North Africa, and the petroleum downstream sector. Petro-Canada 2002 annual report : profitability and exceptional growthįinancial information from Petro-Canada was presented and a review of their 2002 operations was made available for the benefit of shareholders. International operations are also contributing to the Corporation's profitability by delivering new production from oil fields offshore Norway and from the Sahara Desert in North Africa. On the Atlantic coast too, Petro-Canada is delivering leadership with increasing production from Hibernia, and final approvals in place to proceed with development of the Terra Nova field. Petro-Canada is also committed to an expansion that will double production at the Syncrude oil sands plant over the next decade and has tested large in-situ oil sands resources for potential development in northeastern Alberta. The company plans to maximize shareholder value by reducing its interests in conventional oil from mature fields in western Canada and by re-investing the proceeds in natural gas development. The company's share price appreciated 34 per cent in 1997 and was one of the most heavily traded stocks in Canada. Net earnings for 1997 were $306 million, a $59 million increase over 1996. The report states that in 1997 Petro-Canada achieved record financial results, following a dramatic turnaround over the past five years. This report presents a review of operations, provides detailed statements of the corporation's finances, and a wealth of information of interest to shareholders. Petro-Canada is a dominant player in the petroleum industry in Western Canada as well as on the Grand Banks offshore Newfoundland. Petro-Canada and the Crown prosecutor have proposed that $120,000 of the fine should be donated to the federal Environmental Damages Fund, with an additional $100,000 to be set up as an environmental sciences scholarship. After the spill, the firm immediately shut down operations and commenced an environmental clean-up and monitoring procedure costing more than $3 million. John's, Newfoundland in an environmentally sensitive area. At the time of the leak, periodic alarms in the control room were attributed to weather, production flow rates and vessel motion, as routine water tests 2 hours earlier had shown that everything was normal. Concerns had been voiced about the separator months prior to the spill. The spill occurred on Petro-Canada's Terra Nova vessel, and was the result of a malfunctioning separator, which caused 165,000 litres of petroleum to leak into the ocean. The $290,000 fine was handed down a month after a separate incident during which a flash fire on a tanker killed a crew member. Petro-Canada has recently received the largest fine of its kind in Atlantic Canada history for polluting seas around the Terra Nova oilfield. International Nuclear Information System (INIS)
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