Exxon to Spend $14 Billion on Hebron Field Off Canada
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Exxon Mobil Corp. and four partners will spend about $14 billion to develop the Hebron oil field off the coast of Canada that has lain fallow since its discovery more than three decades ago.
The field, located about 350 kilometers (218 miles) southeast of St John’s, Newfoundland and Labrador, will produce more than 700 million barrels of crude during its lifespan, Irving, Texas-based Exxon said in a statement today. At current prices, that oil would be worth about $77.8 billion.