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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

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