Related Articles
Forward article link
Share PDF with colleagues

Canada: New-found impetus for Newfoundland

TWO YEARS after parting company in a war of words, the Newfoundland government and an ExxonMobil-led consortium have decided that proceeding with the Hebron offshore heavy-oil project is more important than their differences. They reached a landmark agreement in August to develop the 0.7bn barrel field at a cost estimated in 2006 at C$5bn-7bn ($4.7bn-6.6bn). First oil is expected in about 2017, peaking at 150,000 barrels a day (b/d) within two years. It will be Newfoundland's fourth offshore project after Hibernia (180,000 b/d), Terra Nova (130,000 b/d) and White Rose (120,000 b/d). The significance of the Hebron pact is that the Newfoundland government is paying C$110m in cash and covering

Also in this section
Interview: Energean's Mathios Rigas targets East Med success
19 July 2018
Energean’s boss reveals the secrets of his small company’s big success in the Eastern Mediterranean
Serica sanguine on Iran sanctions
13 July 2018
The firm's historic links to Iran are in the spotlight as US sanctions resume
The return of cautious optimism in the North Sea
13 July 2018
The UK’s North Sea hub, braced for production declines, has received a boost from new investments and revived interest from the supermajors