In early 2010, Nalcor completed a 10 per cent working interest acquisition in the Hibernia Southern Extension Unit subsea tie-back project. This project includes two new licenses, as well as an area of the main field covered by the existing license.
The Hibernia field is currently Canada’s most prolific offshore oil project. In June 2011, the Hibernia Southern Extension Unit achieved first oil and will produce in excess of 170 million barrels.
In addition to its working interest in the project, Nalcor Energy Oil and Gas has also acquired a significant amount of valuable high-quality geoscience data for the entire Hibernia field that will be useful in identifying possible future expansions.