TheRecord.com - Business - Newfoundland strikes oil

The Newfoundland and Labrador government, on the eve of a provincial election campaign, officially approved a tentative deal yesterday to develop the $5-billion Hebron offshore oil project, a venture that could prove to be the province's most lucrative oil field.

"Today marks a historic day in Newfoundland and Labrador as we enter into a new era of offshore oil development,'' Premier Danny Williams told a news conference in St. John's.