Skip to comments.Exxon Mobil proceeds with $14 billion Canada oil field
Posted on 01/05/2013 6:16:59 AM PST by shove_it
CALGARY, Alberta (Reuters) - Exxon Mobil Corp said on Friday it is moving ahead with the next major oil project in the North Atlantic, the $14 billion Hebron development off the Newfoundland coast, boosting its already-large investments in Canada's most oil-rich regions.
Exxon Mobil, the biggest U.S. oil major, said it will produce 150,000 barrels of oil a day at Hebron using a massive concrete gravity-base structure like the one employed at the nearby Hibernia project, which has been operating in the iceberg-prone region since the late 1990s. First production of the project's heavy crude is scheduled for 2017.
(Excerpt) Read more at ca.finance.yahoo.com ...
All the while Obama golfs, swims and suns in the happy isles. God save the Republic.
I have a lot more confidence in Exxon Mobil and the leadership of Rex Tillerson than I have in any government we send to Washington.
does this mean all the newfies can leave the west they hate so much and go home to work?
Big Oil helped bring our US and other western countries prosperity and wealth by finding and developing oil fields across the world.
With this off shore Canadian project by Exxon and Shell’s Alaskan ice field project, I think they have lost their focus on keeping exploration and drilling cheap enough to keep the world oil price down. The location, depth and weather problems mean the projects are very expensive.
The way to keep energy cheap is unlocking shale gas and oil by fracking here and abroad. Here in the US we have the opportunity to be energy independent using this type of drilling. It turns out much of Europe and Asia have similar shale deposits. Both big and little oil companies should spend their development and drilling dollars on cheaper fracking projects.
Very insightful analysis!
Will you be making this suggestion at the next Exxon Board of Directors meeting?
If you do, be sure to bring a detailed explanation about why Exxon should abandon a $14 Billion oil find to their competition.
I hope this isn’t going to threaten the Grand Banks fisheries. The fields are 200 miles east south east of St John’s which put them north of the Grand Banks and the Flemish Cap, but the Labrador current could push any big spill into the most productive fishing grounds of the Atlantic Ocean. I’m all for drilling, but it seems a little too risky to me.
Yesterday’s thread on the topic:
This field is heavy oil (~20° API) and was discovered in 1980.