ExxonMobil begins oil production at Hebron Field

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Exxon Mobil Corporation (NYSE:XOM) today announced that the Hebron project started production safely and ahead of schedule. At its peak, the project will produce up to 150,000 barrels of oil per day.

Discovered in 1980, the Hebron field is estimated to contain more than 700 million barrels of recoverable resources. The Hebron platform consists of a stand-alone gravity-based structure, which supports an integrated topsides deck that includes living quarters and drilling and production facilities. The platform has storage capacity of 1.2 million barrels of oil.

The platform is located about 200 miles (350 kilometers) offshore Newfoundland and Labrador in water depths of about 300 feet (92 meters).

“The successful startup of the Hebron project demonstrates ExxonMobil’s disciplined project management expertise and highlights its ability to execute large-scale energy developments safely and responsibly in challenging operating conditions,” said Liam Mallon, president of ExxonMobil Development Company. “We thank the project’s co-venturers for their expertise and support, as well as the employees and contractors who supported construction of the facility, its tow out to the field and drilling of the initial wells.”

During its eight-year engineering, construction and startup phase, the Hebron project contracted hundreds of vendors throughout the province of Newfoundland and Labrador and created about 7,500 jobs during the peak of the construction phase. The project achieved more than 40 million hours without a lost-time injury during construction.

“The local and international contractors played a critical role in helping to complete the Hebron project ahead of schedule,” Mallon said. “By leveraging their expertise, we were able to bring this world-class platform online safely and successfully.”

Hebron is operated by ExxonMobil affiliate, ExxonMobil Canada Properties, which holds 35.5 percent equity in the project. Chevron Canada Limited holds 29.6 percent interest, Suncor Energy Inc. holds 21 percent, Statoil Canada Ltd. has 9 percent and Nalcor Energy-Oil and Gas Inc. has 4.9 percent.

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