HIBERNIA CHAIRMAN CONFIRMS MOBIL OIL CANADA, PETRO-CANADA, CHEVRON CANADA RESOURCES COMMITMENT TO HIBERNIA
HIBERNIA CHAIRMAN CONFIRMS MOBIL OIL CANADA, PETRO-CANADA,
CHEVRON CANADA RESOURCES COMMITMENT TO HIBERNIA
CALGARY, Alberta, Feb. 4 /PRNewswire/ -- Hibernia Executive Committee Chairman Norman McIntyre said today Mobil Oil Canada, Petro- Canada and Chevron Canada Resources remain committed to the Hibernia project in spite of the announced withdrawal of Gulf Canada.
McIntyre said Gulf's action was an issue for the remaining owners, and the owners' agreement provides an orderly process for a participant to withdraw from the project. The project owners are actively pursuing alternatives to deal with the consequences of Gulf's withdrawal.
"The project continues on schedule and within budget," McIntyre added.
Mobil holds a 28 percent interest, Petro-Canada and Gulf 25 percent each and Chevron 22 percent in the Hibernia project.
/CONTACT: David Hocking of Petro-Canada, 403-296-5850/ CO: Petro-Canada ST: Alberta IN: OIL SU:
KJ -- LA017 -- 6789 02/04/92 14:52 EST