January 7, 2013
$14-billion Hebron oil project set to drill off the the Atlantic coast
Oil giant ExxonMobil Corp. has announced that it plans to spend $14 billion to develop the Hebron oil project off of the shores of Newfoundland and Labrador.
The development is expected to produce more than 700 million barrels of oil and create 3,500 construction jobs when it’s completed and ready to drill at the end of 2017.
The venture will give the province’s oil sector new life after it fell 28.5 per cent in 2012.
The declining production is also taking a toll on the province’s revenue, which faces a $725.8-million deficit - triple the figure from their last forecast.
“The development of Hebron will result in an increase to offshore production, provincial royalties and provide tremendous opportunity for employment and businesses in the province,” says Natural Resources Minister Jerome Kennedy.
The oil field is located 350 kilometres southeast of St. John’s and 32 kilometres further offshore than the Hibernia oilfield, which is the province’s largest oil project.
| MOST POPULAR STORIES |
- Concrete parking building repairs could save costs
- New Pickering airport to help move growing population
- Man fined in construction site death of 12 year old Nova Scotia boy
- McMaster’s Health Sciences Campus a Gold Seal project
- SNC-Lavalin hopes Algeria police raid will help to shed light on wrong
- 20 Most Popular Stories
| TODAY’S TOP CONSTRUCTION PROJECTS |
These projects have been selected from 544 projects with a total value of $1,665,691,502 that Reed Construction Data Building Reports reported on Tuesday.
$44,000,000 Sault Ste Marie ON Tenders
CONDOMINIUM APARTMENT TOWER, RETAIL BUILDING
$40,000,000 Toronto ON Negotiated
RESIDENTIAL DEVELOPMENT, GOLF CLUB
$35,000,000 Newmarket ON Prebid
| CURRENT STORIES |
- Ontario’s best steel designs recognized
- ACEC conference to focus on economic solutions
- Improper bypass of low bidder found
- CISC awards honours individual achievements
- Quebec construction workers on strike after failed negotiations
- Newfoundland and Labrador set to lead the way in economic growth
- Construction industry to increase hiring in 2013, according to outlook
- OCOT review panel proposing a ratio reduction for plumbers and steamfitters
- Man fined in construction site death of 12 year old Nova Scotia boy
- ERCB investigates Zama City, Alta pipeline spill
- Crystal Clear
- Regina looking to annex adjacent land
- Pipeline oil spill highlighted during twinning debate
- Consulting engineers gathering in Lake Louise, Alberta
- Biased specs grounds for RFP redraft
- Incoming chair looks to the future
- Foreign worker court case led to reforms
- Shell Canada gets approvals for pipelines and gas well
- B.C. building permits rise, but Alberta declines
- Electronic migration
- Unauthorized water system shut down in Alberta
| ALEX’S ECONOMICS BLOG |

Reed Construction Data Canada’s Chief Economist Alex Carrick discusses current developments in the North American economic environment with emphasis on the construction industry.
- An Overview of Prices and Sales in the Diverging U.S. and Canadian Housing Markets (April 25, 2013)
- Canada’s Precarious Dependence on the Commodity Price Super-Cycle (April 22, 2013)
- Twenty major upcoming residential and transportation terminal construction projects - April 2013 (April 15, 2013)
- More








