Exxon Mobil Begins $14B Coastal Oil Project
Exxon Mobil Corp said today (Jan. 4) it is moving forward with the next major offshore oil project in the North Atlantic, the $14 billion Hebron development off the Newfoundland coast.
Exxon Mobil said the oil from Hebron will be produced with an iceberg-resistant gravity-based platform designed to pump 150,000 barrels a day. First oil is expected by 2017.
The project, in the Jeanne d'Arc Basin, 350 km (200 miles) southeast of St John's, Newfoundland, follows the other developments in the region — Hibernia, Terra Nova and White Rose.
The other partners are Chevron Corp, Suncor Energy Inc , Statoil ASA and Nalcor Energy Oil And Gas.