The Hibernia Management and Development Company Ltd. (HMDC) and ExxonMobil Canada reported on Thursday that the Hibernia gravity based structure, offshore Canada, has produced its one billionth barrel of oil.
The milestone was achieved on December 21st and represents an amount higher than originally expected when the field started production in 1997, HMDC said on Thursday.
Jennifer Walck , president of Hibernia Management and Development Company, said: “Hibernia is a Newfoundland and Labrador success story and the foundation of the provincial oil and gas industry.”
HMDC is the operator of the Hibernia field, which began petroleum production offshore Newfoundland and Labrador in November 1997. HMDC is owned jointly by ExxonMobil Canada (33.125%), Chevron Canada Resources (26.875%), Suncor Energy (20%), Canada Hibernia Holding Corporation (8.5%), Murphy Oil (6.5%), and Statoil Canada (5%).
“Through extended-reach drilling, geological and reservoir modeling technology and daily maintenance and operations of the equipment, the team has been able to discover and produce more oil and extend the projected life of the project beyond 2040,” said Walck.
In recent years, Hibernia has been drilling subsea tie backs to support production from the Hibernia Southern Extension and Ben Nevis reservoirs. The company noted that these wells have been instrumental to the sustained production level and longer production outlook.