• Hibernia oil field, Canada’s largest producing offshore oil project located off the Atlantic Coast, is now estimated to contain 1.395 billion bbls of oil, a 12% increase from the 2006 estimate. Exxon Mobil‐led Hibernia Management and Development Co. recently received board approval to develop the Hibernia Southern Extension, which is estimated to contain 167 million bbls.  
  • St. John’s‐based Canadian Imperial Venture Corp. is exploring opportunities to add value to its shale oil resource by capturing and using the natural gas associated with the recovery process. Stantec Consulting has been hired to do a scoping study of the costs and benefits associated with the concept, which is consistent with the growing trend among energy producers to capture the maximum possible value in the upstream energy chain.