More oil in Hibernia field than thought, says petroleum board

The Hibernia field contains more oil than previously thought, according to the Canada-Newfoundland and Labrador Offshore Petroleum Board.

The latest estimate on the amount of oil that can be extracted from Hibernia is more than 1.6 billion barrels.

That's up about 250 million barrels since the last review in 2010.

The petroleum board said the increase is due to several factors.

They said there have been improvements in drilling technology, and additional reservoirs have been added to the field, including Ben Nevis-Avalon and Catalina.

Hibernia has produced more than 900 million barrels since it pumped first oil in 1997. 

The Newfoundland and Labrador government said that the increase in the Hibernia reserves is estimated to generate an incremental $12 billion in royalties, tax and equity for the province.

In a news release, Natural Resources Minister Derrick Dalley boasted how the extra oil will benefit the province.

"This news is evidence that Newfoundland and Labrador will remain a major player in the offshore oil sector for decades to come." he said.

"It demonstrates the sustainability of the province’s mature producing basins and the longevity of the Hibernia field.”