The Hibernia partners feel there's more oil to be pulled from offshore Newfoundland and Labrador and a little work will make it realistic to retrieve.
Representatives for Hibernia are at Memorial University of Newfoundland's St. John's campus this morning to announce an $11.8-million gift towards new laboratory equipment and research funding for the university.
The funding has been specifically flagged for work on "enhanced oil recovery" projects.
"We are working with the university to develop enhanced oil recovery research capacity and capability in the province," stated Hibernia Management and Development Company president Jamie Long in a press release obtained by The Telegram just prior to the announcement.
"Our ultimate goal is to increase oil recovery offshore Newfoundland and Labrador."
MUN president Gary Kachanoski has said the donation speaks to the capabilities of the university to tackle the topic of enhanced oil recovery techniques.
"Implementing these techniques at the Hibernia field could increase ultimate recovery while developing a pool of locally trained experts in the process," he said.
More to come.