C-NOPB Allows Production Rate Increase for Hibernia

In December 2002 Hibernia Management and Development Company made application to the Canada-Newfoundland Offshore Petroleum Board to increase the annual oil production rate for the Hibernia oil field.

The C-NOPB announced last week its conditional decision to increase the annual oil production rate for the Hibernia field from 180,000 barrels per day (65.6 million barrels/year) to 220,000 barrels per day (80.4 million barrels/year) effective from March 26, 2003.

Since production at any point is subject to reservoir performance and good reservoir practice, the actual level of production on any given day may vary up to maximum rates approved.

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