Chevron to develop Newfoundland's Hebron oil field

0 Comments | AFP, August, 2008

OTTAWA (AFP) — Canada's Newfoundland province will sign a final deal Wednesday with a consortium led by US giant Chevron to develop its fourth offshore oil field, worth billions of dollars, the government said Tuesday.

Newfoundland Premier Danny Williams and his energy minister will be on hand with oil company executives in the provincial capital St. John's for a signing ceremony at noon on Wednesday, his office said in a statement.

The Hebron field was discovered in 1981 about 350 kilometres (220 miles) offshore from St. John's, and is said to hold more than 700 million recoverable barrels of oil.

Chevron, with a 28-percent stake in the project, is its designated operator, according to a memorandum of understanding. ExxonMobil has the greatest ownership...