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

The C-NOPB announced today 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.

The C-NOPB’s decision report “Decision 2003.01: Respecting the Amendment to the Hibernia Development Plan, March 2003” is available on its website at www.cnopb.nfnet.com.

REFERENCE:
H.H. Stanley
Chairman & CEO

MEDIA REFERENCE:
Edsel Bonnell
Public Information Coordinator
(709) 778-1440
(709) 834-9136 after hours