25 July 2007

Hibernia to pay more

From the Wednesday Telegram, a report by Moira Baird on the Hibernia project.

Among the highlights:

- Provincial royalties will go to the 30% level sometime in 2009 or 2010 as the project pays off its development costs and the existing provincial royalty regime shifts accordingly.

- The federal government shares have netted a total of $678 million in the past decade. Dividends in 2006 were $174 million compared to $230 million the previous year. Dividends are expected to decline again in 2007.

- CHHC expects Hibernia Management and Development Corporation to submit another development application for Hibernia South in 2008.