November 16, 2017
The following statement was given today in the House of Assembly by the Honourable Siobhan Coady, Minister of Natural Resources:
Minister Coady Congratulates Hibernia on 20 Years of Production
Mr. Speaker, I rise in this Honourable House today to congratulate Hibernia and its partners, including the Hibernia Management and Development Company Ltd. and its lead owner ExxonMobil Canada on 20 years since first oil, which will be celebrated tomorrow, November 17.
Employing over 1,500 highly skilled professionals in a variety of professions, Hibernia continues to have a significant and positive impact on the industry and our economy. It was the reason that the Bull Arm site was built and remains a world-class fabrication facility. And every year since, Hibernia has contributed millions of dollars to the economy through service contracts and sub-contract employment.
From research and development at Memorial, investment in the arts at the Newfoundland Symphony Orchestra, to support for our natural history at the Hibernia Interpretation Centre in Conception Bay South, Hibernia is not just an oil producer but an iconic Newfoundland and Labrador institution.
Mr. Speaker, it was almost a year ago that Hibernia marked the tremendous milestone of having produced one billion barrels of oil from the field, with almost 700 million in reserve and possibly more.
Newfoundland and Labrador is considered one of the best frontier regions in the world today with over 20 basins and over 350 leads and prospects defined. Hebron is coming on stream and other developments are underway.
Congratulations to Hibernia and its partners, including the Hibernia and Hibernia southern extension co-venturers, Chevron, Suncor, Statoil, Murphy, Canada Hibernia Holding Company and Nalcor. We look forward to your continued success. Thank you.
2017 11 16 1:50 p.m.