Canada: C-NLOPB Announces New Reserve Estimate for the Hibernia Field

The Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) has updated its most likely reserve estimate today for the Hibernia Field.

Last updated in 2006 at 1244 million barrels of oil, the reserve for the entire Hibernia Field is now estimated by the C-NLOPB to be 1395 million barrels of oil, an increase of 151 million barrels. As of August 31, 2010 a total of 704 million barrels of oil had been produced at the Hibernia Field.

Additional information from field production and simulation studies contribute to a better understanding of the field and expected recovery factors.

Reserve estimates in the Hibernia Southern Extension unit are included in the new estimates and remain unchanged, since first released in 2006 at 167 million barrels of oil.

Reserve estimates and further information can be found on the C-NLOPB’s website at www.cnlopb.nl.ca

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Source: CNLOPB, November 1, 2010;