PanCanadian leads the way in the 1990s

The fastest growing major energy company in western Canada is PanCanadian Petroleum Ltd., with daily production of over 130,000 bbl of oil and natural gas liquids and over 500 million ft3 of natural gas. In 1993, PanCanadian drilled 1,200 wells and added proved reserves of 110 million bbl of oil equivalent, the highest conventional reserve additions in western Canada in the last 15 years. Surplus capacity at its oil and gas facilities meant that the increased production could be accommodated without any major expansions. The company has 19 gas plants in Alberta, interests in natural gas liquids and crude oil brokerage businesses, and a 12.25% interest in a salt cavern storage facility in Michigan. PanCanadian was conservatively managed throughout the 1980s but major initiatives for accelerated development, rationalization of properties, and broadening the scope of operations began in 1990. The use of technologies such as three dimensional seismic imaging and slant drilling have aided PanCanadian's progress in increasing production while minimizing environmental impacts. In 1994, the company expects to drill another 1,200 wells and its capital budget is expected to be 20% higher than in 1993. 4 figs