Exxon Mobil Corp. says it plans to spend $14 billion to develop the Hebron offshore oil field off Canada’s east coast over the next few years.
The Texas-based oil company (NYSE:XOM) says it expects the oil field off the eastern tip of Newfoundland to begin producing near the end of 2017.
ExxonMobil says it now estimates Hebron will recover more than 700 million barrels of oil — an increase from earlier estimates.
The offshore platform is being designed to produce 150,000 barrels of oil per day.
The project will employ up to 3,500 people during the construction phase.