HIBERNIA DEVELOPMENT TO BE DELAYED 1 YEAR

Completion of the Hibernia oil field development project off Newfoundland will be delayed 1 year or more by withdrawal of Gulf Canada Resources Ltd. as a partner. Norman McIntyre, chairman of the Hibernia group executive committee, said construction work on the project will be halted. The decision will cut spending to $1.5 million/day from $3 million/day and mean layoff of as many as 600 workers.

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