Probable oil reserves on the Grand Banks off Newfoundland are about half original estimates, the latest Canadian government study says. A report by the Geological Survey of Canada and Canada-Newfoundland Offshore Petroleum Board estimates probable reserves at 4.7 billion bbl of crude, only 53% of original estimates of 8.9 billion bbl. Reserves in Hibernia oil field, earmarked for development, are estimated at 525650 million bbl. Early estimates were as much as 1 billion bbl. Richard Procter of the federal Petroleum Resources Appraisal Secretariat said the new estimates are based on a decade of drilling and improved seis...

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