OilCo currently manages an 8.7% participating interest in the Hibernia Southern Extension project.
In 2010, we acquired a 10% working interest in the Hibernia Southern Extension subsea tie-back project. This project includes two new licenses, as well as an area of the main field covered by the existing license.
The Hibernia field is currently Canada’s most prolific offshore oil project. In June 2011, the Hibernia Southern Extension Unit achieved first oil. The project is expected to produce in excess of 170 million barrels.
In addition to its participating interest in the project, OilCo has acquired a significant amount of valuable high-quality geoscience data for the entire Hibernia field that will be useful in identifying possible future expansions.
Learn more about the project at Hibernia Southern Extension
*OilCo manages participating interests in Hibernia Southern Extension on behalf of Nalcor Energy.