Exxon Mobil (NYSE: XOM) received approval from Labrador Offshore Petroleum Board and Newfoundland to proceed with plans to develop the Hebron oil field. The field is located off Newfoundland, Canada.
Partners with Exxon in the endeavor include Chevron (NYSE: CVX), with a 26.7 percent interest; Suncor Energy (NYSE: SU), with 22.7 percent; and Statoil ASA (NYSE: STO), with 9.7 percent. Exxon has a 36 percent stake in the field.
Locally, Energy Corporation of Labrador and Newfoundland has a 4.9 percent stake in the venture.
Production at the field is expected to average approximately 150,000 barrels a day, although it could rise as high as 180,000 barrels a day.
There are an estimate 707 million barrels of oil located in the Hebron oil field.
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