Hibernia Project on Track for Success.FAIRFAX, Va.--(BUSINESS WIRE)--Nov. 6, 1997--Mobil Corporation announced Thursday that First Oil from the Hibernia project is now targeted for later this month, well ahead of schedule. In addition, it is expected that recoverable reserves and production will exceed previous estimates. The Hibernia field, which contains an estimated three billion barrels of oil, is located on the 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. of Newfoundland, 195 miles east-southeast of St. John's in 260 feet of water. The colossal Hibernia Gravity Base Structure A gravity base structure (GBS) is a support structure held in place by gravity. A common application is for offshore oil platforms. These GBSs are often constructed in Norwegian fjords since its protected area and sufficient depth is preferred for construction. (GBS See GB/sec. ), a 660,000-ton production platform for the Hibernia field, is the first GBS ever built in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , and is the first in the world to incorporate an icewall to withstand the impact of icebergs. Recent Mobil studies indicate ultimate recoverable reserves of at least 750 million barrels, up from 615 million barrels previously estimated. With additional reserves and improved technology, field production estimates have also been updated. It is now believed that production will reach previously targeted peak rates of 135,000 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. by early 1999, several months ahead of schedule. Mobil's longer term expectation is that production capacity can be increased to 180,000 barrels per day with additional investment. "Mobil has a strong position in Atlantic Canada with the Hibernia, Sable Island Sable Island, low, sandy island, 25 mi (40 km) long and 1 mi (1.6 km) wide, off N.S., Canada, SE of Halifax. It is the exposed part of a sand shoal that stretches northeast-southwest for more than 100 mi (160 km). and Terra Nova Terra Nova may refer to: In geography:
"The unqualified success of this project is due to the perseverance of all the people who worked on this project and believed in it," said Lucio A. Noto, Mobil chairman and chief executive officer. The Hibernia field is owned by Mobil Oil Canada (33.125%), Chevron Canada Resources (26.875%), Petro-Canada (20%), Canada Hibernia Holding Corporation (8.5%), Murphy Oil (6.5%), and Norsk Hydro (5%). CONTACT: Mobil Corp. Bill Cummings, 703/846-3110 (Fairfax) Bill Simpkins, 403/260-7255 (Calgary) |
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