However, Flaherty says the federal government has not directly considered the possibility as it looks at other potential asset sales.
He also refused to say how much such a sale might raise for federal coffers.
Flaherty made the comments Tuesday in Edmonton during a moderated question-and-answer session following the fall economic update.
Former Newfoundland and Labrador premier Danny Williams first offered to buy Ottawa's 8.5 per cent stake in Hibernia in October, 2010.
The oilfield is located about 315 kilometres southeast of St. John's.