barrels (17,000,000 m), which contributed to more than 15% of the province's GDP in 2006. Total production from the Hibernia field from 1997 to 2006 was 733,000,000 barrels (116,500,000 m) with an estimated value of $36 billion. This will increase with the inclusion of the latest project, Hebron. Remaining reserves are estimated at almost 2 billion barrels (320×10 m) as of December 31, 2006. Exploration for new reserves is ongoing.
The Terra Nova Floating Production Storage and Offloading Vessel located in theaters Nova oil field
On June 16, 2009, Danny Williams announced a tentative agreement to expand the Hibernia Oil Field. The government negotiated a 10-per-cent equity stake in the Hibernia South expansion which will add an estimated $10 billion to Newfoundland and Labrador's treasury.
The fishing industry remains an important part of the provincial economy, employing roughly 20,000 and contributing over $440 million to the GDP. The combined harvest of fish such as cod, haddock, halibut, herring and mackerel was 150,000 tonnes (165,000 tons) valued at about $130 million in 2006. Shellfish, such as crab, shrimp and clams, accounted for 195,000 tonnes (215,000 tons) with a value of $316 million in the same year. The value of products from the seal hunt was $55 million. Aquaculture is a new industry for the province, which in 2006 produced over 10,000 tonnes of Atlantic salmon, mussels and steelhead trout worth over $50 million.
Newsprint is produced by one paper mill in Corner Brook with a capacity of 420,000 tonnes (462,000 tons) per year. The value of newsprint exports varies greatly from year to year, depending on the global market price. Lumber is produced by numerous mills in Newfoundland.
Apart from seafood processing, paper manufacture and oil refining, manufacturing in the province consists of smaller industries producing food, brewing and other beverage production, and footwear.
Agriculture in
