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The Exxon corporate logo is pictured at a gas station in Arlington, Virginia January 31, 2012. REUTERS/Jason Reed

Exxon Mobil proceeds with $14 billion Canada oil field
Exxon Mobil proceeds with $14 billion Canada oil field
Posted : Friday, 04 January 2013 12:32PM

CALGARY, Alberta (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.

Exxon Mobil said the oil from Hebron will be produced with an iceberg-resistant gravity-based platform designed to pump 150,000 barrels a day. First oil is expected by 2017.

The project, in the Jeanne d'Arc Basin, 350 km (200 miles) southeast of St John's, Newfoundland, follows the other developments in the region -- Hibernia, Terra Nova and White Rose.

The other partners are Chevron Corp <CVX.N>, Suncor Energy Inc <SU.TO>, Statoil ASA <STL.OL> and Nalcor Energy Oil And Gas.

(Reporting by Jeffrey Jones; editing by Gunna Dickson)

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