NORSK HYDRO CANADA OIL & GAS INC. is a wholly owned subsidiary of Norsk Hydro ASA, one of Europe's largest integrated energy companies, as well as a leading supplier of light metals. Norsk Hydro is a global company with operations on every continent. Norsk Hydro Canada Oil & Gas Inc. is part of Hydro's Oil and Energy business sector.
Hydro's international exploration and production growth is achieved through the application of knowledge and expertise acquired by our experience on the Norwegian Continental Shelf. Hydro has significant investments in Canada, Angola, Russia, Iran, Libya and in the U.S. Gulf of Mexico in exploration and production of oil and gas. At Norsk Hydro Canada Oil & Gas Inc., our focus is offshore exploration and development on Canada's East Coast. Our strength is a group of highly capable and experienced explorationists, engineers, and developers and more than 30 years' active participation in oil and gas exploration and production in harsh environments offshore Norway. Our goal is to exploit the vast energy potential in these promising offshore regions, reinforcing Canada's position as a core area within the Hydro energy portfolio.
A commitment to sustainable operating principles continues to distinguish Hydro as one of the world's leading energy and natural resource manufacturers and developers. In 2003, Hydro had more than 50,000 employees, $35 billion in assets, and $27 billion in operating revenue, earning us a prominent position among the global Fortune 500 list of the world's top performing companies.
Hydro is involved in every facet of the oil and gas business including exploration, development, production, transportation, refining and marketing oil and gas and related products. We operate 12 fields in production offshore Norway, and have established international exploration and production in Canada, Angola, Libya, Russia, Iran, Trinidad and the Gulf of Mexico. Hydro's equity oil and gas production in 2003 averaged 580,000 barrels per day, and total production from Hydro operated fields was approximately 1.3 million barrels of oil equivalents per day making Hydro the world's fourth largest operator in waters deeper than 100 meters.
Hydro's expansion into Canada's oil and gas industry began in 1996, through a strategic alliance with Petro-Canada. As part of this agreement, Hydro obtained working interests in several Grand Banks properties and prospects offshore Newfoundland, and the Norsk Hydro Canada Oil & Gas Inc. subsidiary was formed to establish and develop these assets. In 2004, Hydro has working interests in the two producing fields offshore Newfoundland, Hibernia and Terra Nova, and more than 50 exploration licenses in various stages of evaluation and development offshore Newfoundland and Nova Scotia.