Hibernia and the Federal Energy Program
Conference
·
· Newfoundland and Labrador Petrol. Dir. Prod.; ()
OSTI ID:5589446
The effects of the Canadian federal energy policy on oil and gas exploration and production offshore Newfoundland and Labrador are discussed. The oil reserves for the Hibernia field are estimated, at a 50% probability level, to contain 1.85 billion bbl of recoverable oil. At the same probability level, it is estimated that Hibernia contains 1.5 tcf of recoverable solution gas and 0.5 tcf of recoverable nonassociated gas. The effects of the new government policy on the development and production of these reserves are concluded to be uncertainty, higher taxes, reduced attractiveness, higher exploration costs, and curtailment of offshore activities.
- OSTI ID:
- 5589446
- Report Number(s):
- CONF-8102108-
- Conference Information:
- Journal Name: Newfoundland and Labrador Petrol. Dir. Prod.; ()
- Country of Publication:
- United States
- Language:
- English
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