our operations offshore project energizes an atlantic canada economy
2 min read | january 05, 2023
A view of the Hibernia Platform in Newfoundland and Labrador, Canada.
Newfoundland and Labrador are home to one of the most prolific fishing industries in the world. Nearly 200 miles off its coast beneath the Atlantic Ocean is an oil field with a similar track record.
Chevron drilled the Hibernia discovery well in 1979 and the first barrel was produced from the project in 1997. As the site celebrates 25 years since first production, the impact extends globally, surpassing more than 1 billion barrels of oil. Some of it has been sent to Europe, which is facing an energy crisis.
The Hibernia project began as the eastern Canadian province faced a cod fishing moratorium that threatened its economic stability.
When the moratorium was declared in 1992, it left 30,000 locals jobless and ended an industry that had supported Newfoundlanders for hundreds of years.
bridging the gap
The Hibernia Field, our deepwater joint venture, helped bridge the gap by creating hundreds of new jobs and a new source of government revenue.
“It was kind of like a turning point for Newfoundland and Labrador,” said Vanessa Newhook, Chevron’s manager of Atlantic Canada. “The moratorium had just happened, and people were out of work; the economy was on the downside. Hibernia resulted in a lot of younger people in fishing being retrained and applying their marine skills in a different way. It helped the province recover from the impact of the moratorium.”
It continues to play a valuable economic role today.
here and now
Hibernia was initially expected to produce oil for up to 20 years. It exceeded that expectation and is now likely to continue producing through 2040.
- As of November, Hibernia has produced 1.2 billion barrels of oil—nearly doubling forecasts of it tapping out at 520 million barrels.
- Production has helped meet energy demand both in Canada and abroad.
- About 95% of those working on the Hibernia project are Newfoundlanders and Labradorians.
“This has been such a successful asset and has supported the development of an entire industry in Newfoundland and Labrador. We’re proud to be playing a pivotal role in the province’s economic development.”
atlantic canada manager
weathering the challenges
Extracting oil from the harsh North Atlantic is no easy feat, but the Hibernia project has proven up to the challenge.
- The equipment was designed to withstand icebergs, sea ice and brutal storms, and our production platform was built to withstand impacts from large icebergs that can be found in the field.
- The facilities in Hibernia have emergency response and ice management plans and must follow certain protocols when in a specified proximity to ice.
Hibernia Management Development Corporation operates the project on behalf of Chevron, ExxonMobil, Suncor Energy, Canada Hibernia Holding Corp., Equinor Canada Ltd. and Murphy Oil Co. Ltd. Nalcor Energy is a participant in the Hibernia Southern Extension.
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