Hibernia field construction pace picks up speed
This paper reports that the pace of construction is increasing for the $5.2 billion (Canadian) Hibernia oil field development project off Newfoundland with a new partner close to signing on. Texaco, Inc. is reported ready to pick up a 25% interest in the project within a month. Construction activity for offshore systems was cut 50% last February when Gulf Canada Resources Inc. The it planned to withdraw from its 25% interest in Hibernia. Since then, remaining interest owners Mobil Oil Canada Ltd., Chevron Canada Resources Ltd., and Petro-Canada have been seeking new partners. The effort has focused on Texaco with Canadian Energy Minister Jake Epp playing a role in talks. Hibernia's construction work force has risen to 850 from a low of 600. A spokesman for Hibernia Management and Development Co., project manager, the a steady increase in the work force is planned.
- OSTI ID:
- 7191026
- Journal Information:
- Oil and Gas Journal; (United States), Vol. 90:442; ISSN 0030-1388
- Country of Publication:
- United States
- Language:
- English
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