HIBERNIA OWNERS TO CONSTRUCT A TRANSSHIPMENT TERMINAL IN NEWFOUNDLAND.FAIRFAX, Va.--(BUSINESS WIRE)--Sept. 5, 1996--Mobil Corporation announced today that Mobil Oil Canada Properties, Chevron Canada Resources, and Petro-Canada, partners in the Hibernia offshore oil development project, will form a company that will own and construct a crude oil transshipment Transshipment The passing goods from one ocean vessel to another. terminal on the Avalon Peninsula Avalon Peninsula, 3,579 sq mi (9,270 sq km), SE N.L., Canada, on Newfoundland. It is nearly divided at its center by Conception Bay and St. Mary's Bay. The peninsula is the most densely populated part of Newfoundland; St. John's is the chief city. at Whiffen Head, Newfoundland, about five kilometers south of the town of Come by Chance. The companies' decision to build a transshipment facility in Newfoundland was made following a thorough review of the options available to transport crude oil from Hibernia and other future Grand Banks Grand Banks, submarine plateau rising from the continental shelf, c.36,000 sq mi (93,200 sq km), off SE Newfoundland, N.L., Canada. It is c.300 mi (480 km) long and c.400 mi (640 km) wide; depths range from 20 to 100 fathoms. developments to market. This facility represents the most efficient transportation for Hibernia crude oil and is designed to become an integral part of a regional crude oil transportation system for the entire Grand Banks area. Transshipment is a two stage process for moving crude oil to market. Hibernia crude oil will be transported from offshore oil facilities to the transshipment terminal using two shuttle tankers built specifically for this service. The oil will be is stored at the terminal until it is transferred to a conventional (second leg) tanker and shipped to market. The Newfoundland transshipment facility will initially have one berth for tankers, with the capability to be expanded to two or more berths as necessary. The berth will accommodate crude oil tankers up to 155,000 deadweight tons. Crude oil storage facilities, which will be heated, will have a capacity of at least 1.5 million barrels, with provision to expand to accommodate future Grand Banks production. A contract has been awarded to an alliance team of Bantrel Inc. of Calgary, Sandwell Inc. of Vancouver and Newfoundland Design Associates of St. John's, Newfoundland, to provide engineering design, procurement and construction management services for the project. Expenditures during the preliminary engineering phase are anticipated to be about $10 million (Canadian), with the total cost estimated at roughly $100 million (Canadian). The process of evaluating potential locations for a transshipment site has been underway since early 1996. Site criteria included at least 20 meters water depth, navigation not obstructed ob·struct tr.v. ob·struct·ed, ob·struct·ing, ob·structs 1. To block or fill (a passage) with obstacles or an obstacle. See Synonyms at block. 2. by ice, sufficient space for expansion and to conduct safe marine operations for multiple tankerss and a shoreline area suitable for development. Other factors considered included wind and wave conditions, existing shipping corridors, existing on-land infrastructure and biological sensitivities. Jerry Anderson Jerry Anderson (born 22 September 1955) is a Canadian golfer. Anderson was born in Cambridge, Ontario. He played on the European Tour for through most of the 1980s. , President of Mobil Oil Canada said, "We are pleased with the progress being made on the Hibernia project and with this decision to build a world-class transshipment facility in Newfoundland. An efficient and economical transportation system is important to ensure Hibernia and future Grand Banks production can be competitively marketed." Mobil has been active on the East Coast of Canada since the start of exploration in the early 1960s, and is presently one of the largest players in terms of acreage, discoveries and ongoing projects. The company expects the East Coast of Canada to develop into a core producing area with potential production amounting to as much as 100,000 barrels per day Barrels per day (abbreviated BPD, bbl/d, bpd, bd or b/d) is a measurement used to describe the amount of crude oil (measured in barrels) produced or consumed by an entity in one day. oil equivalent around the turn of the century. This production would come from the Hibernia project, which is scheduled to startup in late 1997, the Sable Offshore Energy Project
The Sable Offshore Energy Project (SOEP) is a consortium based in the Halifax Regional Municipality which is attempting to locate and produce natural gas found near Sable Island on the edge , where a Development Plan Application was filed earlier this year with the Province of Nova Scotia Nova Scotia (nō`və skō`shə) [Lat.,=new Scotland], province (2001 pop. 908,007), 21,425 sq mi (55,491 sq km), E Canada. Geography , and Terra Nova Terra Nova may refer to: In geography:
The amount by which analysts or investors expect the price of a security may increase. upside potential The potential price or gain that may be expected in a security or in a security average, generally stated as the dollar from deeper zones in some of the main fields, from satellite fields and from future exploration. The participants in the regional transshipment terminal project are: Mobil (41%), Chevron (34%) and Petro-Canada (25%). Participants in the Hibernia offshore oil development project are: Mobil Oil Canada (33.125%), Chevron Canada Resources (26.875%), Petro-Canada (25%), Canada Hibernia Holding Corporation (8.5%) and Murphy Atlantic Offshore Oil Company Ltd. (6.5%). CONTACT: Mobil Corporation David Dickson David Dickson may refer to
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