BUSINESS

Hibernia estimated to have more than 1.6 billion barrels of oil, regulator says

12/16/2014 10:02 EST | Updated 02/15/2015 05:59 EST
ST. JOHN'S, N.L. - The federal-provincial regulator for Newfoundland and Labrador's offshore oil industry says there is more oil in the Hibernia offshore site than previously estimated.

The Canada-Newfoundland and Labrador Offshore Petroleum Board says Hibernia is now estimated to have 1.644 billion barrels of oil.

That's up from its previous 2010 estimate of 1.395 billion barrels of oil.

Hibernia, which began producing oil in November 1997, is Newfoundland's oldest offshore site.

It is located about 315 kilometres east of St. John's.