A milestone many never imagined feasible for the Hibernia project, the initiative that helped revolutionize the economy of Newfoundland and Labrador and created the province's oil industry, is commemorating 25 years of oil production.
A milestone many never imagined feasible for the Hibernia project, the initiative that helped revolutionize the economy of Newfoundland and Labrador and created the province's oil industry, is commemorating 25 years of oil production.
The Premier of Newfoundland and Labrador, Andrew Furey, has announced financial support for the Hibernia Project.
Under the support package, Hibernia Management and Development Company Ltd. (HMDC) will receive up to $38 million to restart well work, perform drill rig upgrades and invest in new digital technology. The investment, which is said to be around 40 percent of the total project cost, will result in 77 additional, full time equivalent (FTE) positions in 2021 and will maintain employment for 44 FTE positions next year and 27 FTE positions in 2022, according to a government statement.
HMDC has submitted a proposal for an additional scope of work which is currently being evaluated. If approved, it would bring the total funding commitment for the Hibernia Project to $66 million. Back in September, the federal government announced that $320 million would be administered by the province to support direct and indirect employment in the Newfoundland and Labrador oil and gas sector