C-NLOPB approves Exxon’s Hebron development plan

Offshore staff

ST. JOHN’S, Newfoundland –The Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) has approved ExxonMobil Canada Properties Ltd.’s Hebron Development Application.

Hebron field is in 92 m (300 ft.) of water 350 km (217 mi) southeast of St. John's, Newfoundland, and could contain as much as 707 MMbbl of heavy oil.

Current plans call for placing agravity-based structure because of iceberg traffic in the area. Upon completion, production targets 150,000 b/d.

ExxonMobil has a 36% interest in the project, with Chevron Corp. at 26.7%, Suncor Energy Inc. with 22.7%, Statoil ASA with 9.7%, and the Energy Corp. of Newfoundland and Labrador has 4.9% interest.

6/1/2012