— Exxon Mobil Corp. says first oil has been produced ahead of schedule from the $14-billion Hebron project in the Jeanne D’Arc Basin about 350 kilometres southeast of St. John’s. The Hebron oilfield off Newfoundland and Labrador was discovered in 1980 and is estimated to contain more than 700 million barrels of recoverable oil. The project had an estimated cost of $5 billion when announced 10 years ago. It has taken about eight years since official sanctioning to complete engineering, construction and startup of Hebron with about 7,500 people working at the peak of construction phase. Hebron is operated by ExxonMobil Canada with a 35.5 per cent stake.

Source: National Post November 28, 2017 15:56 UTC