$10B Hibernia South Deal Reached

Newfoundland and Labrador Premier Danny Williams said Tuesday a tentative agreement has been reached on expanding the Hibernia oilfield, in a deal that is expected to yield $10 billion to the provincial treasury.

Please find the entire CBC News Article here.

Chronology

  • 1979: Hibernia field discovered on Grand Banks
  • 1985: First Atlantic Accord negotiated between federal, Newfoundland governments
  • 1990: Federal government and four partners sign Hibernia development agreement
  • 1996: Agreement reached on developing Terra Nova field
  • 1997: Hibernia produces first oil
  • 2002: Terra Nova produces first oil. Later that year, White Rose field receives regulatory approval
  • 2005: White Rose produces first oil
  • 2008: Deal reached to develop Hebron, fourth field to go into production on Grand Banks
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