Resource estimates off Newfoundland increased

07/03/2006
A new estimate increased the recoverable oil resources off Newfoundland by almost 700 million bbl.Revisions to the producing Hibernia field and the future development of the Hebron-complex account for this increased estimate, made recently by the Canada-Newfoundland and Labrador Offshore Petroleum Board.HiberniaThe board based the new estimates for the Hibernia field on information from drilling and production activity since it last revised the Hibernia resource estimates in 2003. It now says that the field contained 1.244 billion bbl of proved and probable oil reserves, an increase of 379 million bbl.As of Dec. 31, 2005, the field had produced 456 million bbl of oil, leaving 788 million ...
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