Abstract
The development of the Hibernia offshore oil and gas field is one of the largest ventures undertaken by the oil industry in Canada. It is also the first field to be developed on Canada's Grand Banks. Located in waters adjacent to the east coast of Canada's least developed, its discovery led to hope of prosperity for Newfoundland. The project offers the prospects of employment royalties and development of other offshore fields. With these prospects in mind, federal and provincial governments have provided substantial inducements to a consortium of oil companies to ensure that it would develop the field. This paper reviews Hibernia's controversial past and assesses the extent to which it may serve as a catalyst for economic recovery in Newfoundland.
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