ExxonMobil Corp. says its Canadian arm has put up for sale its 19 per cent interest in the Terra Nova offshore oil project 350 kilometres southeast of Newfoundland and Labrador. Spokeswoman Suann Guthrie confirmed that the company is marketing its stake after a review of its portfolio to ensure it meets its strategic objectives. ExxonMobil Canada is the operator of the $14-billion Hebron offshore oil project off Newfoundland and Labrador, which pumped its first oil in November, and a part owner of the Hibernia offshore project. It operates the Sable offshore natural gas project in Nova Scotia, which is being decommissioned due to production declines. Calgary-based Suncor Energy is the operator of Terra Nova with a 38 per cent stake.

Source: CBC News February 27, 2018 18:34 UTC