Hibernia transshipment terminal eyed

Lead partners in the Hibernia oil development project off Newfoundland plan to develop an oil transshipment terminal with capacity of as much as 3.5 million bbl. Mobil Oil Canada Ltd. and Chevron Canada Resources Ltd. are negotiating terms for the project with the Newfoundland government. Engineering work could begin this summer. The terminal would be scheduled for completion by the fall of 1998 and cost perhaps $100 million (Canadian).

July 22, 1996

Lead partners in the Hibernia oil development project off Newfoundland plan to develop an oil transshipment terminal with capacity of as much as 3.5 million bbl.

Mobil Oil Canada Ltd. and Chevron Canada Resources Ltd. are negotiating terms for the project with the Newfoundland government.

Engineering work could begin this summer. The terminal would be scheduled for completion by the fall of 1998 and cost perhaps $100 million (Canadian).

Plans call for two shuttle tankers to deliver oil to an onshore terminal from the Hibernia production platform (OGJ, July 15, p. 17, and related story, p. 24). The terminal would also handle oil from other Grand Banks fields slated for development.

Mobil and Chevron are also considering the alternative of three shuttle tankers to deliver oil directly to markets without transshipment. Two tankers are under construction in South Korea with delivery of the first in October 1997 and a second early in 1998. A third tanker would not be needed if a terminal is built.