ExxonMobil to spend $14 billion for Hebron project off Newfoundland coast

Published on January 4, 2013; Published on January 4, 2013
The Canadian Press

Topics :: Exxon Mobil Corp. , NYSE , Hebron , Newfoundland , Canada

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.

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derek

- January 5, 2013 at 01:36:15

And because of a slow few months, Dunderdale makes us feel like we are sinking.

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david

- January 4, 2013 at 15:43:22

We're geniuses, I tell you...bloody economic geniuses!

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KEVIN

- January 4, 2013 at 14:34:23

NFLD JUST KEEPS GOING

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