Deal reached to develop Hibernia South offshore oil field, says NTV News

The Canadian Press ~ The News
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ST. JOHN'S, N.L. - A Newfoundland network says a deal has been reached to develop the Hibernia South offshore oilfield off Newfoundland.
NTV News says Premier Danny Williams will make the announcement Tuesday during the annual conference of the Newfoundland and Labrador Oil and Gas Industries Association.
The original application to develop the field was rejected in January 2007 because the province wanted more details about a tax regime and other arrangements.
There are an estimated 225 million barrels of recoverable oil in Hibernia South.
Tapping those reserves would extend the life of the Hibernia field by at least a decade.
The companies pushing for development include ExxonMobil (NYSE:XOM), the world's largest energy producer, and Petro-Canada (TSX:PCA).

Organizations: NTV News, Newfoundland and Labrador Oil and Gas Industries Association, ExxonMobil NYSE Petro-Canada TSX

Geographic location: Hibernia South, Newfoundland, ST. JOHN'S

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