Petro-Canada (TSX:PCA) is reporting its first oil output from the De Ruyter development in the southern North Sea, which is expected to help stabilize production in the region.
The Calgary-based company said Monday that the De Ruyter field, under waters in the Dutch continental shelf, is expected to average 18,500 barrels a day in 2007 and 2008.
Analysts said the announcement was not a surprise.
“This was a project we knew was coming onstream and it will supplement declines in the North Sea,” said one analyst. “It was well-telegraphed that they should have first oil around this time of year and they delivered. This was expected and it’s not really that big in size.”