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

Contracts

French PM: Aussie Subs to be built in Australia

French Prime Minister Manuel Valls said on Monday he was committed to building all of a new Australian submarine fleet in Australia, apparently contradicting the

Asia-N.Europe Box Rates Jump 170 pct

Shipping freight rates for transporting containers from ports in Asia to Northern Europe jumped 170 percent to $732 per 20-foot container (TEU) in the week ended on Friday,

NAT Acquires Four 150,000dwt Tankers

Nordic American Tankers Limited ("NAT" or the "Company") announced today that it has entered into an agreement to acquire four existing Suezmax sister vessels built in Japan at a world-class shipyard.

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Ship Repair Shipbuilding / Vessel Construction
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: 0.0706 sec (14 req/sec)