Exxon/Mobil to spend billions developing Hebron oil fields

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Exxon/Mobil to spend billions developing Hebron oil fields

Tuesday, May 3, 2011 at 02:01PM

ExxonMobil's proposed development of the Hebron oilfield in Newfoundland will cost $8.3 billion and could see first oil by late 2017 if approved by mid-2012. Costs are for building the drilling platform and drilling development wells. The project will be designed to produce 150,000–180,000 b/d of oil. The oilfield is expected to remain in production until 2046.

The Hebron oilfield is in about 100 metres of water, 340 kilometres east of St. John's. It consists of three main fields: Hebron, West Ben Nevis and Ben Nevis. The three contain a combined 700 million barrels of oil.

If approved, the Hebron project will be the province’s fourth offshore oilfield on the Grand Banks, following Hibernia, Terra Nova and White Rose.

ExxonMobil Canada Properties is leading the development with partners Chevron Canada Limited, Petro-Canada Hebron Partnership, Suncor Energy Inc., Statoil Canada Ltd. and a division of Crown-owned Nalcor Energy.

* SPECIAL OIL & GAS |

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