Estimate for Canada's Hibernia oil reserves raised by 18 percent

Tue Dec 16, 2014 10:13am EST
 
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CALGARY, Alberta Dec 16 (Reuters) - The Hibernia oil field off the coast of the Canadian province of Newfoundland contains more oil than previously thought, the field's regulator said on Tuesday.

The Canada-Newfoundland and Labrador Offshore Petroleum Board raised its estimate of reserves for the field located 315 kilometers (196 miles) southeast of St. John's, Newfoundland to 1.644 billion barrels, from a 2010 estimate of 1.395 billion barrels.

The board said the revision came as it included oil in the field's Catalina reservoir for the first time, along with a higher estimate for the Ben Nevis-Avalon reservoir. (Reporting by Scott Haggett; Editing by Paul Simao)