HIBERNIA PROJECT GETS ANOTHER GOVERNMENT BOOST

Canadian governments will provide a financial backstop for development of Hibernia oil field off Newfoundland while a new partner is sought. Mobil Oil Canada Ltd., Chevron Canada Resources Ltd., and Petro-Canada, all of Calgary, have been looking for new money since Gulf Canada Resources Ltd. notified its three partners it planned to withdraw from the project. Hibernia is not expected to begin production until 1997.

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