Hibernia South Deal to Follow Hebron Agreement

Wednesday, June 18, 2008

An agreement to develop the Hibernia South offshore oilfield should be complete this year, Premier Danny Williams said.
More than a year ago, the Newfoundland and Labrador government rejected a proposal to develop the project, triggering fears that Williams was alienating the oil industry and scaring away investment.
Williams,  said he intends to turn his attention to the Hibernia South project once a deal to develop the Hebron oilfield is finalized, which is expected soon.
The application was submitted in 2006 by the Hibernia Management and Development Corporation, which includes ExxonMobil, Chevron, Petro-Canada Norsk Hydro, Murphy Oil and Canada Hibernia Holding.  ExxonMobil Canada president Glenn Scott said he was optimistic the Hibernia South negotiations would progress swiftly.
In August, Williams agreed to spend $110 million to secure a 4.9 per cent equity stake in Hebron - a first for the province.
That project is estimated to contain up to 700 million barrels of crude.
Newfoundland's three offshore oil projects are expected to surpass one billion barrels of oil in production this year.
Hibernia, Newfoundland's first offshore development on the Grand Banks, began producing oil in November 1997.

Source:  Canadian Press

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

India Buys 4 P-8I Maritime Planes

India has inked a deal with the US defence and aerospace giant Boeing to procure four more Poseidon-8I (P-8I) long-range surveillance and anti-submarine warfare

Technip Bags Woodside's Subsea Contract

Technip has been awarded a large(1) subsea contract by Woodside to support the development of the Greater Enfield Project offshore Western Australia, at a water

LNG-fueled Bulker Ordered from Korea

Hyundai Mipo Dockyard (HMD) has signed a contract to build a 50,000 dwt bulk carrier with ILSHIN LOGISTICS. The project is a collaboration between POSCO and ILSHIN

 
 
Maritime Contracts Maritime Standards Naval Architecture Navigation Pipelines Pod Propulsion Ship Electronics Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0699 sec (14 req/sec)