Exxon Greenlights $14B Hebron Offshore Project In Canada

Law360, New York (January 4, 2013, 4:45 PM EST) -- Exxon Mobil Corp. made a final investment decision Friday to forge ahead with the development of the Hebron oil field, a $14 billion project to recover an estimated 700 million barrels of oil off the Canadian province of Newfoundland and Labrador.

Operator ExxonMobil Canada Properties and its equity partners — Chevron Corp., Suncor Energy Inc., Statoil ASA and Canadian government-owned Nalcor Energy Corp. — expect to harvest 150,000 barrels of oil per day from Hebron, with first production slated for 2017, according to a statement from...
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