Newfoundland's bid for Ottawa's share of Hibernia oil too low: Flaherty

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Newfoundland's bid for Ottawa's share of Hibernia oil too low: Flaherty

Friday, December 17, 2010 at 06:25PM

Finance minister Jim Flaherty said on Friday that an offer from Newfoundland and Labrador to buy Ottawa's 8.5 percent stake in the Hibernia offshore oil project is too low.

The CBC said Jim Flaherty, in St. John's, Newfoundland, for consultations ahead of next year's federal budget, said the province's September offer for the Canadian government's stake in Hibernia needed to be raised.

"One of the requirements is that the price be right, quite frankly, and reflect market value," Flaherty was quoted as saying in the CBC report.

"And we have not arrived at that place in our discussions with the government of Newfoundland and Labrador. Several things have to be in place, including the appropriate price, given the market."

Neither Newfoundland nor Ottawa has said how much was bid for the stake in Canada's largest offshore oil project.

Hibernia, located 315 km (196 miles) southeast St. John's, began pumping oil in 1997 and currently produces about 170,000 barrels a day. It is the largest of Canada's three offshore oil projects, all in the Jeanne d'Arc basin off Newfoundland.

The province has wanted to acquire Ottawa's stake since 2003.

Along the with Canadian government, the other partners in Hibernia are Suncor Energy Inc (SU.TO), with 20 percent, Exxon Mobil Corp, (XOM.N) with 33.125 percent, Chevron Corp (CVX.N), with 26.875 percent, Murphy Oil Corp (MUR.N) with 6.5 percent and Statoil (STL.OL) with 5 percent.

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