The Hibernia oil platform, one of several rigs that drill for Brent Crude in the Newfoundland offshore. The Hibernia Management and Development Company says Hibernia production operations continue, but it is "looking to reduce spending as a result of market conditions caused by the COVID-19 pandemic." Hibernia became the first producing project in the Newfoundland offshore, pumping first oil in 1997, and celebrated its billionth barrel in 2016. The shareholders of Hibernia are ExxonMobil Canada (33.125%), Chevron Canada Resources (26.875%), Suncor (20%), Canada Hibernia Holding Corporation (8.5%), Murphy Oil (6.5%) and Equinor Canada Ltd. (5%). Series of setbacks for industryThe Newfoundland and Labrador oil industry has suffered a series of setbacks since the COVID-19 pandemic — compounded by a Saudi-Russia price war — crashed oil markets.

Source: CBC News April 06, 2020 22:41 UTC