Statoil participates in ExxonMobil's Hebron field development offshore Canada

1/7/2013

Statoil participates in ExxonMobil's Hebron field development offshore Canada

BY DOMINIC CHOPPING

STAVANGER -- Statoil is participating in the Hebron field development offshore Newfoundland and Labrador in Canada that was sanctioned by operator ExxonMobil and its co-venturers.

Statoil holds a 9.7% share in Hebron. The Hebron field is estimated to produce more than 700 MMbbl. The platform is being designed for an oil production rate of 150,000 bopd. The Hebron project currently contains three discovered fields and incorporates four Significant Discovery Licences (SDLs).

Capital cost for the project is estimated at $14 billion. Production is expected to start late 2017. The Hebron Project co-venturers are: ExxonMobil Canada Properties operator 36%, Chevron Canada Resources 26.6%, Suncor Energy 22.7%, Statoil 9.7% and Nalcor Energy Oil and Gas 4.9%.

Dow Jones Newswires

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