N.L. released wrong revenue values of Hibernia

Published Wednesday June 24th, 2009

ST. JOHN'S, N.L. - The Newfoundland and Labrador government says it flubbed the production and revenue values of the Hibernia offshore oil project while promoting an energy deal last week.

Last Tuesday, Premier Danny Williams announced a tentative agreement to develop the Hibernia South offshore oilfield.

At the time, the government issued a news release saying Hibernia has produced 670 million barrels of oil and generated $3.9 billion for the province's treasury since 1997.

The government says Hibernia has actually produced 630 million barrels of oil and yielded $1.9 billion in revenue as of March 31 of this year.

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