Calgary, Alberta – Chevron Canada Limited has announced the completion of legal agreements with the Government of Newfoundland and Labrador to develop the Hebron heavy oil project, located in 92 metres of water 340 km offshore from Canada’s east coast.
Discovered in 1981, the field is expected to be developed using a gravity-based structure, with integrated drilling and production topside. Hebron contains an estimated 400 to 700 million barrels of recoverable oil.
“We congratulate the province of Newfoundland and Labrador on reaching these agreements and look forward to working with them as a partner in successfully executing this world-class energy project,” said James Bates, vice-president, asset development, Chevron Canada Limited. “Chevron’s participation in the Hebron Project gives our company a strategic platform for growth on the East Coast of Canada, where we are exploring for impact-sized resources in the Orphan Basin and have a major financial interest in the Hibernia offshore oil project.”
Chevron is operator of the Hebron Project and holds a 26.63 per cent working interest. Other partners are ExxonMobil Canada Properties, Petro-Canada, StatoilHydro Canada Oil & Gas Inc., and Oil and Gas Corporation of Newfoundland and Labrador.