A spokeswoman for Natural Resources Minister Derrick Dalley says the government believes the acquisition would provide "significant value" to the province which will continue to work with the federal government to pursue the sale.
The reaction follows comments made Tuesday by federal Finance Minister Jim Flaherty following the release of the fall economic update.
Flaherty said Ottawa is open to discussing a potential sale of its stake in Hibernia, but had not directly considered the possibility as it looks at other potential asset sales.
The province first offered to buy Ottawa's 8.5 per cent stake in October, 2010.
The Hibernia oilfield is located about 315 kilometres southeast of St. John's.