Transshipment Facility

The construction of an oil Transshipment facility at Whiffin Head, Placentia Bay is a significant development for the Province's oil and gas sector. Crude oil from the Hibernia field will be carried by shuttle tankers from the field to the facility where it will be stored until final shipment to market via conventional tankers. The facility may also be used to store crude from the Terra Nova field, if required. This is significant in terms of developing a strong oil and gas industry in the Province. More importantly, by landing the crude in the Province, the allocation of corporate income taxes to the Province, rather than another destination, will be facilitated.

Transshipment Terminal

The Transshipment facility is being designed to support both the Hibernia and Terra Nova projects with storage capacity estimated at 2.0 million barrels which can be expanded to service future oil field developments. Construction will begin early in 1997 at a cost of approximately $150-200 million. A peak of 300 jobs will be realized during the construction phase prior to completion of the facility in the fall of 1998. Approximately 30 full-time, year-round positions will support operations and another 100 people will be employed on the Hibernia shuttle tankers.