How will early shutdown of Hibernia affect budget plans???

Hibernia will shut down in February for about 4 weeks. This is 7 months before schedule.

What will this mean to our upcoming budget? Can Minister Marshall provide a mini-statement.

This from Bloomberg online

The work was moved up from September, Hibernia Management & Development Co. spokeswoman Margot Bruce-O'Connell said today in a telephone interview. The so-called turnaround includes regulatory inspection and recertification of equipment that can't be conducted while the field is pumping oil, she said.

The field's output has been hampered since Jan. 2, when a fuel valve failed in a generator and reduced power needed for production. Daily oil output in January averaged about 120,000 barrels, down from about 180,000 previously, she said.

Shuttering the field offshore Newfoundland in mid-February will help ``mitigate the impact of reduced production that we have right now as a result of the problem with one of Hibernia's generators,'' Bruce-0'Connell said. She declined to comment on the cost of the maintenance work.

Hibernia - an Income Trust??

Now that would have been interesting - Hibernia as an income trust.
Finance Minister Jim Flaherty told a finance committee the feds had received several proposals to just that.

Now that one would have kicked the provincial coiffers - the odd thing is - the feds remain a partner in the Consortium which includes Exxon Mobil Corp., Chevron Corp., Petro-Canada, Murphy Oil Corp., and Norsk Hydro A/S.

Can you imagine that one - the feds hiding under an income trust - reducing taxes?

The only thing Flaherty did not say was if it was seriously considered by any adninistration.

For the complete story PRESS HERE