Exxon Mobil proceeds with $14 billion Canada oil field


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Exxon Mobil Corp said on Friday 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.

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This article appears in: Investing Commodities
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