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Exxon Mobil Begins $14B Coastal Oil Project

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January 4, 2013 by   - () Leave a Comment

Map shows the location of the Hebron oil development field off the coast of Newfoundland. Map courtesy of CBC News.

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.

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