A memorandum of understand has been reached between the government of Newfoundland and Labrador and the Hibernia Consortium to begin an expansion of the Hibernia oil field. This latest expansion could yield an estimated 230 million barrels of crude oil.

This is equivalent to $10 Billion in royalties at the top rate of 50 percent. Not only will the province benefit from the Hibernia expansion, but the federal government will as well.

“It's just another example of how much we as a province contribute to Canada's coffers, and the contribution that we make to this great federation of Canada," Williams said.”

Williams should be celebrating, right? Click here to read more about Williams’ confrontation with local radio host Randy Simms about the new deal.