November 17, 1998
(Executive Council)

Premier congratulates Hibernia on first anniversary

Premier Brian Tobin today passed on congratulations to everyone involved in the first successful year of oil production at Hibernia.

"November 17, 1997 marked the birth of an industry in this province," noted Premier Tobin. "Over the last year Hibernia has not only produced in excess of 20 million barrels of oil, but has also established offshore Newfoundland and Labrador as a player in the world of oil and gas."

The premier noted that Hibernia's success has created increased interest in offshore oil and gas exploration. "This year the Canada-Newfoundland Offshore Petroleum Board accepted $175 million during its Call for Bids," said the premier. "This is a record investment in offshore exploration in this province, and demonstrates the confidence and optimism of the industry in our potential."

The project has also had positive impacts for the province, creating 900 jobs at present. Hibernia also accounts for 4.6 per cent of the province' GDP this year, 1.9 per cent of total employment and 3.1 per cent of personal income.

"HMDC along with all of the companies and people involved in the Hibernia project should be commended for their hard work, and congratulated for a successful first year of oil production," said the premier.

Media contact: Heidi Bonnell, Director of Communications, (709) 729-3564.

1998 11 17                                  12:40 p.m.