Six years before first oil was spudded from Hibernia, The OGM was born. Back then it was called The Oil and Gas Magazine. Then it was shortened to the acronym OGM – like many oil and gas terms. These days that acronym has changed its meaning and has spun out into other sectors and is fondly referred to as Our Great Minds. Because that’s exactly what it takes to build castles in the sea. Castles like Hibernia, that attracted the worlds greatest talent to build a gravity base structure and topsides that was world class and super high tech.
It took five years to build and twenty years ago, Hibernia and its partners, including the Hibernia Management and Development Company Ltd. and its lead owner ExxonMobil Canada celebrated first oil November 17. Back then the building of the Hibernia platform itself was enough to spur an economic excitement, as the downtrodden Newfoundlanders at the time, had lost the cod fishery. A saving grace, the oil and gas industry was born through Hibernia. It was the catalyst for economic prosperity, the transfer of technology from all over the globe, and the very foundation that brought wealth to the province of Newfoundland and Labrador.
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 first oil, 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. We have so much to be proud of with Hibernia.
If it wasn’t for Hibernia, The OGM and all it’s 26 years of memories, people, teams and employees would not have existed. And the project continuously gives and gives to its people in the form of jobs, contracts, opportunities, skills and knowledge. 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.
The province of Newfoundland and Labrador is considered one of the best frontier regions in the world to explore, with over 20 basins and over 350 leads and prospects defined. Hebron is coming on stream and other developments are underway. West White Rose is now about to be built. Much like Hibernia that project offers $5.2 Billion in development opportunities to suppliers, companies and workers. As the projects build, we look forward to an industry flush with oil and gas. An industry that not only fuels our people and economy but also builds the bridge to new energy sustainable solutions.
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 and your continued participation in the many offshore projects to come. All we need now is another discovery!
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