Canada Hibernia Holding Corporation

Canada Hibernia Holding Corporation (CHHC) manages and holds the Government of Canada’s interests in the Hibernia Project, an oil development and production project located offshore Newfoundland and Labrador.

About the company

Located in Calgary, CHHC plays an active role as an owner in the Hibernia Project. Our responsibilities are to maximize shareholder value through the exploration, development, production and marketing of crude oil from the project. CHHC was incorporated in March 1993 and is a wholly owned subsidiary of CDEV.

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Our Responsibilities

Health and safety

CHHC strives to ensure that the health and safety of workers and protection of the environment are paramount in all Hibernia decisions.

Compliance

CHHC is committed to operating in legal and regulatory compliance. CHHC is governed by an independent Board of Directors and reports to Parliament through the Minister of Finance.

Commercial Strength

CHHC focuses on protecting Canada’s ownership interests in the project, maximizing value and keeping the Hibernia asset in a ready state for evaluation and sale should Canada elect to divest of the asset.

Our role in the Hibernia Project

CHHC is a non-operating working interest owner of the Hibernia Project. It manage the marketing and transportation of our share of Hibernia crude oil, through contractual relationships with other owners and service providers to the producing fields offshore Newfoundland and Labrador.

The Hibernia Project comprises the original Hibernia Development Project area, where CHHC has an 8.5% working interest, and the Hibernia Southern Extension Unit (“HSE Unit”), where CHHC has a 5.67% working interest. Construction of the field facilities was completed in 1997 and first oil from the original Hibernia field occurred in November 1997.

Since inception, CHHC has been staffed by a highly skilled group of professionals with extensive industry experience.

CHHC participates regularly in the Hibernia Executive Committee, which is responsible for the management of the project, technical, legal, health, safety, environmental and financial committees that collectively oversee the ongoing business planning and operations of the Hibernia Project.

The corporation derives its cash flow solely from the Hibernia assets which include our share of Hibernia crude oil production and a small portion from incidental revenue from the Hibernia drilling and production facilities. Cash flow fluctuates primarily depending on Hibernia production volumes, the price of crude oil, royalty and national payroll payments, operating costs, income taxes and major capital expenditures.