The Hebron field is located 340km offshore the province of Newfoundland and Labrador in 92 meters of water. Discovered in 1981, the field is expected to be developed using a gravity-based structure with integrated drilling and production topsides. Hebron contains an estimated 400 to 700 million barrels of recoverable oil.
Mark Nelson, president of Chevron Canada, said: The execution of these formal binding agreements with the Government of Newfoundland and Labrador represents a major milestone toward the successful development of the Hebron project.
Chevron Canada has a 26.63% working interest and is operator of the Hebron project. The other partners are ExxonMobil Canada Properties (36.04%), Petro-Canada (22.73%), StatoilHydro Canada Oil & Gas (9.7%) and Oil and Gas Corporation of Newfoundland and Labrador (4.9%).
