Exxon sees 700M barrels of oil from Canada field

Exxon Mobil says field it's developing off the coast of Canada to yield 700M barrels of oil

Associated Press

IRVING, Texas (AP) -- Exxon Mobil Corp. said Friday that a field it's developing off the east coast of Canada is expected to produce more than 700 million barrels of oil.

The Hebron project, projected to cost $14 billion, will start production in late 2017. Exxon expects daily production of 150,000 barrels of oil.

Exxon's partners in the project include Chevron Corp., Suncor Energy Inc., Statoil and Nalcor Energy Oil and Gas.

Plans for the project come in the midst of an energy boom in the region. Exxon has predicted that North America will become a net exporter of oil and natural gas by the middle of the next decade.

The Irving, Texas, company said that development of the Hebron oil field, which received regulatory approvals in May, could create 3,500 jobs.

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