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Gold/Mining/Energy : KERM'S KORNER -- Ignore unavailable to you. Want to Upgrade?

To: Herb Duncan who wrote (12930)	10/21/1998 2:39:00 PM
From: SofaSpud	Respond to of 15196

CORP. / PetroCan sells Hibernia oil in Newfoundland Petro-Canada Sells Hibernia Oil to Canadian Refineries ST. JOHN'S, NEWFOUNDLAND, Oct. 21 /CNW/ - Petro-Canada and Norsk Hydro Canada Oil and Gas Inc. today announced that a shipment of Hibernia crude oil was offloaded for the first time at a Canadian refinery. At 7:50 a.m., the M/T Mattea began offloading a cargo of 430,000 barrels of Hibernia sweet crude oil at North Atlantic Refining in Come By Chance, located near Arnold's Cove, Newfoundland. The remainder of the shipment, 420,000 barrels of crude oil, will be offloaded at the Portland, Maine terminal, and then shipped by pipeline to Petro-Canada's Montreal refinery. ''This is another significant milestone for the Hibernia development and its owners,'' said Petro- Canada Executive Vice President, Norm McIntyre. ''I am particularly pleased that the first shipment of Hibernia's crude oil to be directly marketed by Petro-Canada and Norsk Hydro, will be processed in Canadian refineries. Petro-Canada's share of production at Hibernia should reach 27,000 barrels per day in 1999 and we anticipate marketing close to 12 tankerloads of crude oil produced at Hibernia next year.'' It will take approximately 12 hours to discharge the oil from the shuttle tanker to storage tanks at the Come By Chance refinery. The rest of the shipment will be offloaded four to five days later at the Portland, Maine terminal. It will take another seven days to transport the 420,000 barrels of crude oil through the Portland pipeline to the Montreal refinery. The 271-metre long, 127,000 dead weight tonne shuttle tanker, M/T Mattea, is being used to complete the first shipment of crude oil from Hibernia to the two Canadian refineries. The vessel is chartered by Petro-Canada, Norsk Hydro Canada Oil and Gas Inc. and Canada Hibernia Holding Corporation from Penney Ugland Inc. for the transportation of crude oil produced at Hibernia to market, of crude oil produced at Hibernia. Petro-Canada is one of Canada's largest oil and gas companies, operating in both the upstream and the downstream sectors of the industry. Its common shares trade on Canadian exchanges under the symbol PCA, and its variable voting shares trade on the New York Exchange under the symbol PCZ.