The Canada-Newfoundland Offshore Energy Board says new estimates of recoverable reserves from six large oil fields off Newfoundland are 33% higher than estimates made in 1992.
The board increased its estimates of recoverable reserves from the Jeanne d�Arc basin by 526 million bbl. Fields in the area include Hibernia, Hebron, Terra Nova, and White Rose. Hibernia is in production, and the others are in the planning or development stages.
The board also said it increased total estimates of crude oil reserves on the Grand Banks and Labrador Shelf to 2.1 billion bbl from 1.6 billion bbl. Natural gas reserve estimates were increased to 263 billion cu m from 232 billion cu m.
The board increased reserve estimates for Hibernia to 884 million bbl from 666 million bbl. And it said there are insufficient data to update reserves data for Terra Nova field, the second largest in the area.
Terra Nova is scheduled for production next March. A current estimate for Terra Nova reserves is 410 million bbl.
