Exxon Mobil to Invest $14 Billion Developing Oil Field off the Coast of Canada
Exxon Mobil Corp. and four partners will spend about $14 billion to develop the Hebron oil field off the coast of Canada that was discovered more than three decades ago. It is estimated to contain 700 million barrels of extractable oil.
Hebron is one of a string of multibillion-dollar projects Chief Executive Officer Rex Tillerson is pursuing to reverse production declines. Exxon’s output has fallen five straight quarters, the longest run of declines since 2008-2009.
East Africa seems to be the place to go nowadays for oil companies. Does anyone know if Exxon have operations in this region?
Exxon are big players in East Africa; along with Statoil, at the beginning of last year they confirmed that their new discovery offshore Tanzania is believed to contain 5 trillion cubic feet of gas.
At the end of last year they farmed into an exploration block off the eastern coastline of South Africa in an indication that the petroleum-rich geology seen in Tanzania and Mozambique could extend further south.
It seems that Exxon have invested in the Hebron oil field, in order to make up for the discounted oil produced in its oil sands operations. The oil from the Hebron field is priced at almost twice as high as the heavy crude extracted from Canada's oil sands.
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