First oil flowing from Hibernia South

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Thursday, June 30, 2011 at 01:26PM

The first of an estimated 260 million barrels of oil from Hibernia South began flowing last weekend. The oilfield known as the Hibernia Southern Extension unit, HSE for short, is a $1.74-billion development on the Grand Banks off Newfoundland and Labrador, operated by ExxonMobil Canada Properties.

Nalcor Energy Oil & Gas, the province-owned energy corporation, holds a 10 per cent interest in the development. Three more producing wells will be drilled in the southern part of the field. These four wells will provide information about the oil formations and how to optimize water injections to help flow the oil.

As of last month, production at Hibernia averaged 175,000 barrels per day; total production for the first five months of this year was just over 24.1 million barrels of oil.

* SPECIAL OIL & GAS |

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