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.
- 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