About ExxonMobilExxonMobil, the largest publicly traded international energy company, uses technology and innovation to help meet the world's growing energy needs. ExxonMobil holds an industry-leading inventory of resources, is one of the largest refiners and marketers of petroleum products and its chemical company is one of the largest in the world. For more information, visit www.exxonmobil.com or follow us on Twitter www.twitter.com/exxonmobil. Cautionary statement: Statements that reference future events or conditions in this press release are forward-looking statements. Actual future results, including project plans, production rates and resource recoveries may differ significantly from the forecasts, depending on changes in oil or gas prices and other market or economic factors that affect the petroleum industry; reservoir performance; unexpected technical difficulties or other technical or operating factors; the actions of governmental authorities or regulatory agencies; and other factors listed under the heading "Factors Affecting Future Results" on the Investor page at the ExxonMobil website at www.exxonmobil.com and in Item 1A of ExxonMobil's most recent Form 10-K. References to barrels of oil, recoverable resources and other quantities of oil or gas in this release include volumes that are not yet classified as proved reserves under SEC definitions, but that we believe will ultimately be produced.
Exxon Mobil Corporation (NYSE:XOM) today announced that the Hebron project started production safely and ahead of schedule. At its peak, the project will produce up to 150,000 barrels of oil per day. Discovered in 1980, the Hebron field is estimated to contain more than 700 million barrels of recoverable resources. The Hebron platform consists of a stand-alone gravity-based structure, which supports an integrated topsides deck that includes living quarters and drilling and production facilities. The platform has storage capacity of 1.2 million barrels of oil. The platform is located about 200 miles (350 kilometers) offshore Newfoundland and Labrador in water depths of about 300 feet (92 meters). "The successful startup of the Hebron project demonstrates ExxonMobil's disciplined project management expertise and highlights its ability to execute large-scale energy developments safely and responsibly in challenging operating conditions," said Liam Mallon, president of ExxonMobil Development Company. "We thank the project's co-venturers for their expertise and support, as well as the employees and contractors who supported construction of the facility, its tow out to the field and drilling of the initial wells." During its eight-year engineering, construction and startup phase, the Hebron project contracted hundreds of vendors throughout the province of Newfoundland and Labrador and created about 7,500 jobs during the peak of the construction phase. The project achieved more than 40 million hours without a lost-time injury during construction. "The local and international contractors played a critical role in helping to complete the Hebron project ahead of schedule," Mallon said. "By leveraging their expertise, we were able to bring this world-class platform online safely and successfully." Hebron is operated by ExxonMobil affiliate, ExxonMobil Canada Properties, which holds 35.5 percent equity in the project. Chevron Canada Limited holds 29.6 percent interest, Suncor Energy Inc. holds 21 percent, Statoil Canada Ltd. has 9 percent and Nalcor Energy-Oil and Gas Inc. has 4.9 percent.