Irving-based Exxon Mobil Corp. expects to recover more than 700 million barrels of oil, up from previous estimates, from the Hebron field offshore Newfoundland and Labrador, which it said Friday it will develop. Exxon and its partners expect to spend $14 billion on the project, scheduled to come online in late 2017. It will build a reinforced concrete platform in about 300 feet of water and designed for daily production of 150,000 barrels, Exxon said.
"Hebron is one of several large-scale oil developments that ExxonMobil will bring on stream in the next five years," said Neil W. Duffin, president of ExxonMobil Development Co. "ExxonMobil will employ its expertise in Arctic development and project execution to develop this world-class resource in challenging operating conditions." ExxonMobil Canada Properties holds 36 percent equity in the project, with partners Chevron Canada Ltd. (26.7 percent), Suncor Energy (22.7 percent), Statoil Canada (9.7 percent) and Nalcor Energy Oil and Gas (4.9 percent).
-- Jim Fuquay