Newfoundland's New Field

The Canadian province of Newfoundland and Labrador has finalized arrangements for development of its Hebron oil field,which is about 217 miles-or 350 kilometers-off its southeast coast.Hebron follows the province's three other oil fields of Hibernia,White Rose and Terra Nova.Project leader is Chevron(CVX),with a 26.63% stake.Also involved is Exxon Mobil(XOM),with the majority 36.04% stake.The province itself owns a 4.9% stake.The field is expected to yield 700 million barrels over 20-25 years,generating revenues of 20 billion dollars Canadian at 87 dollars U.S. a barrel.Hebron may be operational by 2016.