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.
Hibernia Management and Development Company and ExxonMobil Canada announced that the Hibernia Gravity Based Structure 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.
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.