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October 27, 2010

Canadian Province Bids for Government’s Hibernia Stake

The Canadian province of Newfoundland and Labrador has made a bid for the federal government's 8.5% stake in the Hibernia offshore project in the Jeanne d'Arc basin, offshore Newfoundland. Premier Danny Williams said the federal government should restore this asset to the rightful o

By cms admin

The Canadian province of Newfoundland and Labrador has made a bid for the federal government’s 8.5% stake in the Hibernia offshore project in the Jeanne d’Arc basin, offshore Newfoundland.

Premier Danny Williams said the federal government should restore this asset to the rightful owners, which are the people of Newfoundland and Labrador, reports Reuters.

Hibernia, the country’s largest offshore project, started producing oil in 1997 and currently produces about 170,000 barrels per day.

The consortium that owns the Hibernia project includes Suncor Energy (20%), ExxonMobil (33.125%), Chevron (26.875%), Murphy Oil (6.5%), Statoil (5%) and the Canadian Government (8.5%).

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