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Updated: 11/9/2009 4:03 PM					Sponsored by:
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Tentative deal reached in Canadian oil project

By Associated Press
June 16, 2009 | Comments (0)

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The leader of Canada's east coast province of Newfoundland has announced a tentative agreement to develop an offshore project estimated to contain 223 million barrels of oil.

Newfoundland and Labrador Premier Danny Williams said Tuesday the provincial government will acquire a 10 percent equity stake in Hibernia South.

The development includes ExxonMobil, Chevron, Petro-Canada, Norsk Hydro, Murphy Oil and Canada Hibernia Holding.

Williams says over the life of the project, the province will generate $8.8 billion in revenue, while Canada will earn $3.1 billion.

Newfoundland rejected a proposal to develop the project in 2007.

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