$38-million, representing 40 per cent of the total project costs, will be provided to support the Hibernia project. The provincial and federal governments made the announcement this morning.

The Hibernia Management and Development Company will be provided with the funding to restart well work, perform drill rig upgrades and invest in new digital technology.

MP Seamus O’Regan called today’s Hibernia announcement, coupled with the announced support for West White Rose part of a “growing light.”

The funding is expected to create and maintain close to 150 jobs over an 18-month period.

Stephen Edwards, president of the Hibernia Management and Development Corporation, says they will put in $55-million to help create and maintain 148 jobs. The work which will be done will enable drilling to continue for an extra ten years.

The projects consist of: the restoration of well work activity, drill rig updates to access areas currently unreachable, and implementing offshore wireless connectivity technology.