Newfoundland boosts oil and gas estimates

Newfoundland has dramatically increased its official estimate for the amount of oil and natural gas off its shores, adding another decade to the life of its industry — and adding to the appeal of the stalled Hebron project. The Canada-Newfoundland Offshore Petroleum Board yesterday issued new estimates for both the Hibernia field, the original offshore project, and the Hebron field, in development limbo after talks broke down this spring. For both fields, hundreds of millions of barrels — worth tens of billions at today’s prices — have been added to the official tally.