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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.

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