June 6,1997 - Hibernia Gravity Base installed on the North Atlantic seabed Hibernia oil field. As part of Prime Minister Brian Mulroney’s government’s, regional infrastructure, Mega Project initiative. Announced in St. John’s Newfoundland on July 19,1988. The federal government would contribute $830 million in grants and up to a $1.3 billion loan guarantees to kick start the Hibernia mega project.
In 1993, as the project floundered, conservative MP John Crosbie, persuaded the government to do more. The federal government increased its liability stake in the project by forming the Crown Corporation Canada Development Investment Corporation, the Hibernia megaproject began construction of the production platform and gravity base structure in the early 1990s.
" You accumulate political capital to spend it on noble causes for Canada. If you're afraid to spend your capital, you shouldn't be there"