(CTN News) – ExxonMobil Corporation, also known as XOM, has recently obtained approval from the national petroleum development regulator and the Canadian province of Newfoundland and Labrador for the revised development plan of the Hebron oil field.
This approval allows ExxonMobil and its partners to proceed with the development of sands within the Jeanne d’Arc Formation, which was not initially included in the original plan.
The upcoming development will make use of the existing Hebron workforce and facilities, operating within the established limits of the field’s drilling and production capacity.
The Hebron oil field, located offshore Newfoundland and Labrador, is expected to yield over 700 million barrels of recoverable resources. With the integration of the new sands into the development plan, an additional estimated 165 million barrels of proven and probable reserves will be added.
According to ExxonMobil,
This expansion will optimize the development of the Hebron oil field, enhancing its economic viability and minimizing waste.
Importantly, these additional activities will not require any modifications to the existing installations, equipment deployment, operational processes, shipping activities, or safety zones.
Furthermore, there is no need for new drill centers or drilling installations to be excavated.
Since the start of production in 2017, ExxonMobil has been actively implementing new technologies and operational changes at the Hebron Field to identify, mitigate, and reduce greenhouse gas (GHG) emissions.
Projections indicate that GHG emissions will remain below the levels estimated in the Comprehensive Study Report and approved in the original Development Plan.
The Hebron Project is the fourth major offshore development in Newfoundland and Labrador and plays a crucial role in the province’s economy. The offshore oil and gas sector, including the Hebron field, significantly contributes to the province’s GDP and exports.
The new development plan for the Hebron oil field, in which ExxonMobil holds a 35.5% interest, is expected to bring significant advantages to the company. ExxonMobil is poised to benefit from this project.