Terra Nova is an oil field development project off the coast of Newfoundland, Canada, part of the Jeanne D'Arc basin. Terra Nova is operated by Petro-Canada (34%), with Exxon Mobile also holding a 22% stake. Other partners include Norsk (15%), Husky (12.5%), Murphy Oil Company (12%), Mosbacher (3.5%) and Chevron (1%). The recoverable reserves were estimated at 354 million barrels (with potentially another 100 million in the Far East development). First oil was achieved in 2000, with a daily production of aproximately 125,000 barrels having been sustained since then.
The Terra Nova oil field was discovered in the 1980's, with development commencing in 2002.