CORNER BROOK Western Newfoundland has the potential to match the Hibernia oilfield’s production, said an oil consultant.
Speaking at Western Oil and Gas International Symposium at Marble Mountain Thursday, Steven Millan, the retired former CEO and chairman of the Canadian Imperial Venture Corporation now working as a consultant, said the independent assessments of the region, including the Green Point development on the Port au Port Peninsula, could be as high as a billion barrels if it’s developed right.
“That’s as high as Hibernia,” said Millan. “And it can be evolved at a slower rate.”
That’s potential good news for the region he explained, because a slower rate means local communities and regions would have more time to take advantage of job opportunities and construction opportunities.
“The advantage of that is it could go on for a much longer time, as opposed to just a boom and a bust,” he said. “The potential is definitely there for this area.”
Originally from Trinidad, Millan has worked most of his career in the oil and gas sector.
He currently resides in St. John’s and acts as a consultant for the oil and gas industry.