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Since Chevron signed the multibillion-dollar memorandum of understanding to develop the Hebron offshore oilfield project back in August 2007, St. John's real estate and surrounding areas have gained favorable optimism and increases in residential homes. Looking to sell you home for TOP DOLLAR? Contact Fraser and Stephen Winters for your free, confidential Home Market Evaluation
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Newfoundland Expands Hibernia Oil Field
Oil is the talk of the province once again in Newfoundland. This morning news reports can be read throughout the internet outlining the tenative agreement expanding the Hibernia Oil field. Newfoundland Labrador will have a 10% stake (through crown owned Nalcor Energy) in the Hibernia South expansion. Great news as oil is currently hovering over $71 a barrel. Premier Williams made the accouncement this morning during the Newfoundland & Labrador Oil and Gas Industires Association (NOIA) conference in St. John’s.
What effect do you think this has for real estate in St. John’s?
Complete news articles can be found below
CBC.ca – $10B Hibernia South deal reached: Williams
VOCM.com – Big Day for Oil Patch
Globeandmail.com – Newfoundland gives Hibernia New Life
Thetelegram.com -Hibernia South worth $10 billion to the province: Premier
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Expansion of the local oil sector can be great for the local economy and the local real estate market. Expansion of the Alberta oil sands has had a huge positive effect on the Calgary Real Estate market, for instance. I hope that development of your oil resources benefits Newfoundland as much as the development of the oil sands has benefited Alberta. Good luck!
I have a home for rent in the downtown of st.john’s .Nl. Would you know anyone looking.
Or maybe where I should post my ad ..