Hebron Megaproject Nears First Oil
Today, Premier Dwight Ball and Natural Resources Minister Siobhan Coady joined project co-venturers for Hebron’s tow-out celebration at the Bull Arm Site.
Hebron is the province’s fourth offshore oil project. The Hebron co-venturers are: ExxonMobil Canada Properties, Chevron Canada Limited, Suncor Energy Inc., Statoil Canada Ltd., Nalcor Energy – Oil and Gas Inc. First oil is expected in late 2017.
Royalties and other financial benefits from Hebron to the province are estimated to be over $10 billion as of January 2017. Recoverable reserves are estimated at over 700 million barrels.
Over the past decade, royalties from the province’s three producing offshore projects (Hibernia, Terra Nova and White Rose) have totalled over $19 billion. These substantial investments by industry in the Newfoundland and Labrador economy have led to significant growth in the local supply and service industry. Collectively companies involved in Hibernia, Terra Nova, White Rose and Hebron have spent more than $23 billion in the province to date, which represents more than half of all project expenditures.
Today, we are celebrating a momentous achievement in Newfoundland and Labrador with the tow-out celebration of Hebron. Massive in scale, the Hebron project has been of tremendous benefit to the province’s economy and will continue to make a significant contribution to offshore production. With recoverable reserves estimated at over 700 million barrels, Hebron is poised to join the billion barrel club and take a prominent place in our province’s oil and gas history along with the Hibernia, Terra Nova and White Rose fields.
—Premier Dwight Ball
Congratulations to ExxonMobil Canada, Chevron, Suncor, Statoil and Nalcor Energy – co-venturers in Hebron, and important contributors to the oil and gas industry in Newfoundland and Labrador. As outlined in The Way Forward, our priority is to position the province as a preferred global location for oil and gas development. Through our Oil and Gas Industry Development Council, we are working together to attract investment in the competitive international environment to further prospects and plans for the future development of our oil and gas industry.
—Natural Resources Minister Siobhan Coady