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Strategy in the company's resource division was refocused to concentrate future investment in western Canada light oil and natural gas and in Grand Banks light oil. In 1992, Petro-Canada markedly improved its operating performance by sharply cutting operating and overhead costs. Operations began in January 1976, and the company was privatized in July 1991. Petro-Canada was formed as Canada's national energy corporation by an act of Parliament in 1975. 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. International Nuclear Information System (INIS)