• Connect with us
    • Information
      • About Us
      • Contact Us
      • Careers
      • Partnerships
      • Advertise With Us
      • Authors
      • Browse Topics
      • Events
      • Disclaimer
      • Privacy Policy
    • Australia
      North America
      World
    Login
    Investing News NetworkYour trusted source for investing success
    • North America
      Australia
      World
    • My INN
    Videos
    Companies
    Press Releases
    Private Placements
    SUBSCRIBE
    • Reports & Guides
      • Market Outlook Reports
      • Investing Guides
    • Button
    Resource
    • Precious Metals
    • Battery Metals
    • Base Metals
    • Energy
    • Critical Metals
    Tech
    Life Science
    Resource Market
    Resource News
    Resource Stocks
    • Resource Market
    • Resource News
    • Resource Stocks
    market news

    Rising Costs Not a Barrier for ExxonMobil’s Hebron Oil Project

    Charlotte McLeod
    Jan. 07, 2013 11:21AM PST
    Resource Investing News

    CBC News reported that increasing costs have not deterred ExxonMobil (NYSE:XOM) and its partners from moving forward with the Newfoundland-based Hebron oil project. They plan to begin construction and fabrication of the Hebron platform and expect first oil to be reached at the end of 2017.

    CBC News reported that increasing costs have not deterred ExxonMobil (NYSE:XOM) and its partners from moving forward with the Newfoundland-based Hebron oil project. They plan to begin construction and fabrication of the Hebron platform and expect first oil to be reached at the end of 2017.

    As quoted in the market news:

    “Project sanction marks a significant milestone for the Hebron project,” Geoff Parker, Hebron’s senior project manager and vice president of ExxonMobil Canada Properties, said in a release Friday.

    The sanction decision comes despite ballooning costs of billions more than estimates from less than two years ago.

    In 2011, ExxonMobil indicated that it would cost $8.3 billion to build Hebron, plus another $5.8 billion to operate it until the oil runs out in three decades. Total: just over $14 billion.

    On Friday, the oil giant said capital costs alone now account for $14 billion.

    Company officials told CBC News there are some additional capital costs thrown into the mix, related to tying a separate pool of oil back to the Hebron platform. They could not break out those specific numbers.

    Click here to read the full CBC News report.

    nyse:xommarket newscanada
    The Conversation (0)

    Go Deeper

    AI Powered
    Helium Evolution

    Helium Evolution to Begin Trading on TSXV

    ExxonMobil Guyana Expands Capacity With Seventh Offshore Development

    Latest News

    EU Commissioner Dan Jørgensen to visit Amitsoq

    Forge Resources Advances La Estrella Coal Project with Key Heavy Equipment for Automated Operations

    Proposed Purchase of Uranium and Placing of New Ordinary Shares

    Harvest Gold Announces Closing of Non-Brokered Private Placement of $518,750

    LaFleur Minerals Announces High-Grade Gold Assay Results and Provides Update on Beacon Gold Mill and Swanson Gold Deposit Ramp-Up Activities

    More News

    Outlook Reports world

    Resource
    • Precious Metals
      • Gold
      • Silver
    • Battery Metals
      • Lithium
      • Cobalt
      • Graphite
    • Energy
      • Uranium
      • Oil and Gas
    • Base Metals
      • Copper
      • Nickel
      • Zinc
    • Critical Metals
      • Rare Earths
    • Industrial Metals
    • Agriculture
    Tech
      • Artificial Intelligence
      • Cybersecurity
      • Gaming
      • Cleantech
      • Emerging Tech
    Life Science
      • Biotech
      • Cannabis
      • Psychedelics
      • Pharmaceuticals

    Featured Stocks

    More featured stocks

    Browse Companies

    Resource
    • Precious Metals
    • Battery Metals
    • Energy
    • Base Metals
    • Critical Metals
    Tech
    Life Science
    MARKETS
    COMMODITIES
    CURRENCIES