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Exxon Mobil Proceeds with $14 Billion Canada Oil Field

Jan 8, 2013
(Reuters)

Exxon Mobil Corp (XOM.N) 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, boosting its investments in Canada's most oil-rich regions.

Exxon Mobil, the U.S. oil major, said it will produce 150,000 barrels of oil a day at Hebron using a massive concrete gravity-base structure like the one employed at the Hibernia project, which has been operating in the iceberg-prone region since the late 1990s.

First production is scheduled for 2017.