Statoil participates in new Hebron field development offshore Canada

Statoil ASA has announced the participation in new Hebron field development offshore Newfoundland and Labrador in Canada, which was sanctioned by operator ExxonMobil and its co-venturers.

Statoil, which holds a 9.7% share in Hebron, this is a component in the growth of the company's Canada East Coast operations. Located approximately 350 km offshore Newfoundland, the Hebron platform will be a concrete Gravity Based Structure (GBS) in 95 meters water depth. The Hebron field is estimated to produce more than 700 million barrels of oil. The platform is being designed for an oil production rate of 150,000 barrels of oil per day.

"Hebron is an important project for Statoil and for Newfoundland and Labrador. It is economically strong and it will contribute significantly to Statoil's production for years to come," says Atle Aadland, vice president, Offshore Canada.

"With our 2013 exploration drilling program and our participation in the Hebron project, we are excited about the opportunities and potential offshore Newfoundland and Labrador."

The Hebron project currently contains three discovered fields (the Hebron Field; the West Ben Nevis Field and the Ben Nevis Field) and incorporates four Significant Discovery Licenses (SDLs) (SDL 1006, SDL 1007, SDL 1009 and SDL 1010). Capital cost for the project is estimated at $14 billion. Production is expected to start late 2017. The Hebron GBS is planned to have a lifetime of 40 years.