OUR GREAT MINDS

    by Tina Olivero

    Provincial Government Congratulates Hibernia on 25th Anniversary of First Oil

    The Provincial Government congratulates Hibernia and its partners, including the Hibernia Management and Development Company and its lead owner ExxonMobil Canada, on the 25th anniversary of the first oil.

    The total royalties received to date by the province, including the Hibernia Southern Extension, are approximately $14.8 billion. As of September 30, 2022, the project was employing nearly 1,200 highly skilled professionals in a variety of professions, and it continues to support the economy through service contracts and sub-contract employment. 

    Hibernia’s influence on the province extends past its economic contributions, including through research and development at Memorial, investment in the arts at the Newfoundland Symphony Orchestra, and support for the province’s natural history at the Hibernia Interpretation Centre in Conception Bay South. 

    Located 315 kilometers from St. John’s, Hibernia is an offshore production platform situated at the Hibernia oil field, within the Jeanne d’Arc Basin. The platform was towed to the Hibernia oil field and positioned on the ocean floor in June 1997. It began producing oil on November 17, 1997, making it Newfoundland and Labrador’s first offshore production platform. As of August 2022, the project has produced more than 1.2 million barrels of oil from the field, with almost 580 million barrels remaining proven and possible reserves. 

    The Hibernia field was first discovered in 1979 and was expected to have a life of 20 years, but through extended-reach drilling, geological and reservoir modeling technology, and daily maintenance and operations of the equipment, the project life of the project has been extended beyond 2040.

    Newfoundland and Labrador’s oil and gas industry – with low emissions per barrel compared to the international average and our strong environmental, social, and governance structure – will play a role as the world transitions to a lower carbon economy.

    “The oil and gas industry not only fuels our people and economy but also builds the bridge to new energy sustainable solutions. Hibernia Management and Development Company, along with all of the companies and people involved in the Hibernia project, should be commended for their hard work and congratulated for their commitment to responsible development. We look forward to their continued success and continued participation in Newfoundland and Labrador’s offshore.” said Honourable Andrew Furey, Premier of Newfoundland and Labrador.

    “As the pioneer development of a new frontier, this project helped build an industry and a workforce – one that can keep up with emerging technologies, changing fields, and major projects. Congratulations to Hibernia and its project partners, including the Hibernia southern extension co-venturers, Chevron, Suncor, Equinor, Murphy Oil, Canada Hibernia Holding Company, and Nalcor Oil and Gas on this significant milestone,” said Honourable Andrew Parsons, Minister of Industry, Energy, and Technology.

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