Exxon Mobil Corp. (NYSE: XOM, Stock Forum) said Friday it plans to spend $14 billion to develop the Hebron offshore oil field off Canada's east coast over the next few years.
The Texas-based oil company says it expects Hebron to begin producing near the end of 2017. The project will employ up to 3,500 during the construction phase.
Hebron will be operated by ExxonMibil affiliate, Exxon Mobil Canada Properties. Its joint venture partners are Chevron Canada Ltd.,Suncor Energy Inc. (TSX: T.SU, Stock Forum), Statoil Canada Inc. (NYSE: SU, Stock Forum) and Nalcor Energy Oil and Gas.
The platform is being designed for daily production capacity of 150,000 barrels of oil, the company said in a press release.
Exxon rose 0.08% Friday to $44.62, leaving the company with a market cap of $404 billion, based on 4.5 billion shares outstanding. The 52-week range is $93.67 and $77.13.