Capital costs for a newly sanctioned oil field under development 200 miles off the coast of Newfoundland have ballooned to nearly three times the original cost estimate. But despite the $14-billion price tag for the Hebron offshore drilling project, which includes construction of a gravity-based drilling platform, senior project manager and ExxonMobil Vice President Geoff Parker says official project sanction "marks a significant milestone" for Hebron.
"Construction … has already begun at the Bull Arm fabrication site," Parker said in a press release. "We anticipate commencing fabrication of the topsides in 2013. Co-venturer sanction confirms we will continue with this significant project for the province."