OTTAWA MAY EASE RULES FOR HIBERNIA

The Canadian Government is opposed to increasing its financial support for the Hibernia oil field development project off Newfoundland but is willing to make it easier for other investors to buy in. Gulf Canada Resources Ltd., Calgary, a 25% partner in Hibernia, exercised an option to withdraw from the $5.2 billion project (OGJ, Feb. 10, Newsletter). The company said it can no longer afford costs involved to develop the field scheduled to come on stream in 1996.

In order to access this content, you must be logged-in and have an active subscription to the OGJ Premium Archive

Subscribe

More in Companies