The Canada-Newfoundland Offshore Petroleum Board (C-NOPB) announced today that the proposal by the Hibernia Management & Development Company (HMDC) to increase the annual oil production limit for the Hibernia field from 49.5 million barrels to 66 million barrels has been approved by the federal and provincial ministers responsible for energy.

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. As a result, the annual level of production may not reach the limit approved.

The C-NOPB’s decision report “Decision 2000.01: Respecting The Amendment To
the Hibernia Development Plan, March 2000” is available on its web site at
www.cnopb.nfnet.com.

Related Reference: C-NOPB News Release February 17, 2000

REFERENCE:
Hal Stanley
Chairman & CEO

MEDIA CONTACT:
Edsel Bonnell
Public Information Coordinator
(709) 778-1440