Photo: Hibernia Management and
Development Company. 

Hibernia marked the birth of an 
offshore oil industry.

 

 

 

 

 

 

Photo: Department of 
Tourism, Culture and Recreation. 

The Matthew’s visit was a focal point 
of the 1997 Cabot 500 Celebrations

1990-1999
MILESTONES... of the Past Decade

1999

Hibernia production increases to 36.4 million barrels
Highest oil exploration in a decade
Records set for landed value and production value of fish
Province hosts Canada Winter Games and celebrates Soiree ‘99
Province leads country in GDP and employment growth

1998

Construction begins on $2.8 billion Terra Nova development
Offshore royalty regime announced for petroleum industry
Transshipment Terminal receives first oil shipment from Hibernia
Province commences formal negotiations with Québec for further hydro 
   development on the Churchill River
Province hosts Softworld ‘98, attended by a record 775 delegates
Province leads country in GDP growth

1997 

November 17 - Hibernia produces first oil
First ever inshore shrimp fishery for North East Coast and Labrador
Iron Ore Company of Canada commences $650 million investment program at 
   Labrador City
Province hosts Cabot 500 Celebrations
Introduction of Harmonized Sales Tax, Province’s largest tax cut

1996 Inco purchases Voisey’s Bay deposit
Development Plan Application submitted for Terra Nova
1995

Second fibre optic link established across Island and Gulf
Economic Diversification and Growth Enterprises (EDGE) program introduced
Hibernia construction phase reaches peak employment
Increased focus on successful shellfish fisheries, particularly crab

1994

Nickel, copper and cobalt discovery at Voisey’s Bay
Most groundfish species closed under a long term moratorium
Transitional fishery compensation programs rolled into one long term program
Onshore royalty regime announced for petroleum industry

1993

Quota reductions for Gulf cod fishery and suspension of South Coast cod fishery
Transitional assistance announced to help affected fishery workers 
Fiber-optic based transmission system completed across Island and Gulf
North American Free Trade Agreement implemented

1992 Northern cod fishery closed and transitional assistance program announced
1991

Economic recession in Canada
Hibernia construction begins at Bull Arm

1990 

Groundfish quotas, especially Northern cod, in decline
Agreement reached between federal and provincial governments and Hibernia 
   consortium to develop oil field
Record annual average employment of 207,400


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