StatoilHydro and its partners in the Hebron discovery off the coast of Newfoundland and Labrador in Canada have signed an agreement with the Provincial Government allowing the scheme to move forward.
First oil is expected between 2016 and 2018 with production reaching a peak of approximately 150,000 b/d two years later.
With the official signing of the formal agreements, the Government of Newfoundland and Labrador, through its energy corporation, will acquire a 4.9% stake in the project with ExxonMobil assuming 36%, the operator Chevron 26.7%, Petro-Canada 22.7% and StatoilHydro the remaining 9.7%.
“We are very pleased to have achieved this milestone for the Hebron project, and to be part of a major addition to offshore oil production infrastructure in the East Coast of Canada.
“We welcome the Provincial energy company into the Hebron joint venture and look forward to working with the operator, Chevron, to move the project towards future milestones,” says senior vice president for Offshore Upstream in StatoilHydro Canada, Bruce Brummitt.
StatoilHydro is already a partner in the Hibernia and Terra Nova fields, and will drill an exploration well on the Mizzen prospect this fall.