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Globe & Mail (Canada): Shell sets BlackRock output

CALGARY — Shell Canada Ltd. expects to achieve crude oil output of between 30,000 and 50,000 barrels a day from its recent acquisition of BlackRock Ventures Inc., the company said yesterday.

Shell Canada is also evaluating two, 50,000 barrel-a-day expansion block options at its existing Peace River operations, which are adjacent to its BlackRock acquisition. Shell expects to make a decision by 2007 on whether to expand its Peace River operations, which currently produce 8,000 barrels a day, Ian Kilgour, senior vice-president of exploration and production at Shell Canada, said at a conference.

Shell Canada, the Canadian unit of Royal Dutch Shell, acquired BlackRock in May, paying $2.4-billion. BlackRock produces about 20,000 barrels a day from oil sands deposits in the Peace River and Cold Lake regions of Alberta.

Shell plans to achieve some synergies between its Peace River plant and its BlackRock buy, Mr. Kilgour said. But because the company hasn’t completed the acquisition, it can’t yet say what those synergies might be.

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