Support Announced for Hibernia

There has been more support announced for the Hibernia Project.

This is the second proposal to be funded under the Oil and Gas Industry Recovery Assistance Fund.

Premier Furey was joined virtually by Andrew Parsons, Minister of Industry, Energy and Technology; Seamus O’Regan, federal Minister of Natural Resources; and Stephen Edwards, President, Hibernia Management and Development Company Ltd.

The company will receive up to $38 million (approximately 40 per cent of total project costs) to restart well work, perform drill rig upgrades, and invest in new digital technology, resulting in an estimated 300,000 hours of work over an estimated 18 month period. The investment will result in 77 additional, full time equivalent (FTE) positions in 2021, and maintain employment for 44 FTE positions in 2021 and 27 FTE positions in 2022, for a total commitment of 148 FTE positions.