The Development of the Hibernia Offshore Field: Panacea for a Depressed Regional Economy?

• Published in: Energy Exploration & Exploitation
• Main Authors: Locke, L. Wade, Feehan, James P.
• Format: Article in Journal/Newspaper
• Language: English
• Published: SAGE Publications 1994
• Subjects: Energy Engineering and Power Technology; Fuel Technology; Nuclear Energy and Engineering; Renewable Energy, Sustainability and the Environment; Canada; Newfoundland
• Online Access: http://dx.doi.org/10.1177/014459879401200405; http://journals.sagepub.com/doi/pdf/10.1177/014459879401200405

The development of the Hibernia offshore oil and gas field is one of the largest ventures undertaken by the oil industry in Canada. It is also the first field to be developed on Canada's Grand Banks. Located in waters adjacent to the east coast of Canada's least developed, its discovery led to hope of prosperity for Newfoundland. The project offers the prospects of employment royalties and development of other offshore fields. With these prospects in mind, federal and provincial governments have provided substantial inducements to a consortium of oil companies to ensure that it would develop the field. This paper reviews Hibernia's controversial past and assesses the extent to which it may serve as a catalyst for economic recovery in Newfoundland.