Executive Council
Natural Resources
December 22, 2016
Celebrating Successes in the Offshore Oil Industry
Newfoundland and Labrador Celebrates One Billionth Barrel of Oil at Hibernia
The Provincial Government is highlighting the province's achievements in building a successful offshore oil industry in light of one billion barrels of oil having been produced at Hibernia.
"Newfoundland and Labrador has come a long way in developing our offshore since the first major oil project, Hibernia, began producing oil on November 17, 1997, and here we are at the tremendous milestone of having produced one billion barrels of oil from the field. With our province's abundant resources and highly skilled workforce, we anticipate the continued successful exploration and development in the oil and gas industry for many years to come."
- The Honourable Dwight Ball, Premier of Newfoundland and Labrador
Hibernia Management and Development Company (HMDC) and ExxonMobil Canada announced today that the Hibernia Gravity Based Structure (GBS) has produced its one billionth barrel of oil. HMDC indicates that through extended reach drilling, geological and reservoir modeling technology and solid daily maintenance and operations of the equipment, the life of the project is now projected beyond 2040.
"Our offshore oil industry continues to grow and mature. Since Hibernia began producing nearly 20 years ago, we have built infrastructure, developed a robust regulatory environment, advanced our supply and service industries, and supported extensive geoscientific research that has provided us with quality data and has attracted global attention. Even with the recent challenging global market conditions, our offshore industry partners continue to invest in Newfoundland and Labrador. The outlook for 2017 is tremendous: Hibernia is still going strong; Hebron will be coming on-stream; and with the recent successful Calls for Bids, we continue to welcome new companies to our offshore oil industry."
- The Honourable Siobhan Coady, Minister of Natural Resources
The 2016 Call for Bids in the Canada-Newfoundland and Labrador Offshore Area resulted in a total work commitment of approximately $758 million and eight successful bidders - three of which are new to the province's offshore.
The province currently has three producing offshore projects. In 2017, a final investment decision is anticipated for the West White Rose Extension Project and the Hebron development is expected to begin oil production late in the year.
QUICK FACTS
- The Provincial Government is highlighting the province's achievements in building a successful offshore oil industry.
- HMDC and ExxonMobil Canada announced today that the Hibernia GBS has produced its one billionth barrel of oil.
- The 2016 Call for Bids resulted in a total work commitment of approximately $758 million and eight successful bidders.
- The province currently has three producing offshore projects. In 2017, a final investment decision is anticipated for the West White Rose Extension Project and the Hebron development is expected to begin oil production late in the year.
- 30 -
Media contacts:
|
Michelle Cannizzaro
Director of Communications Office of the Premier 709-729-3960 michellecannizzaro@gov.nl.ca |
Erin Shea
Media Relations Manager Department of Natural Resources 709-729-5777 erinshea@gov.nl.ca |
2016 12 22 12:15 p.m.