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Energy Technology Data Exchange (ETDEWEB)

Canada's offshore Atlantic petroleum industry is celebrating its tenth anniversary in 2001. This article chronicles the development of the industry discussing the many challenges and setbacks and the eventual triumphs that accompanied the industry's development over the years. Highlights discussed include shipping first oil from the Cohasset Field in July 1992; the financial crisis caused by the withdrawal of Gulf Oil from the Hibernia consortium in the same year; new funding and the beginning of the gravity-based structure construction at Bulls Arm in 1993; striking oil in the Hibernia Field in 1994; the start of exploration and development of the Terra Nova field by Petro-Canada in the same year, based on the floating production, storage and offloading (FPSO) system, which heralded a new era of offshore development in eastern Canada. Approval by the Nova Scotia government of the third and final phase of the Sable Offshore Energy Project followed ...