From the Canada-Newfoundland and Labrador Offshore Petroleum Board:
The Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) announced today that the Hebron Development Application is approved.
At its April 27, 2012 meeting, the Board approved the Hebron Benefits Plan and Development Plan subject to the conditions outlined in Decision Report 2012.01. In its deliberation with respect to these plans the Board considered advice provided in the Benefits Plan and Development Plan staff analysis as well as recommendations resulting from the Report of the Hebron Public Review Commissioner.
Under the Atlantic Accord Implementation Acts, Fundamental Decisions of the Board must be ratified by both governments before they can be implemented. The Board’s Approval of the Hebron Development Plan was a Fundamental Decision. The approval of the Development Plan by both governments now enables ExxonMobil Canada Properties Limited to proceed with development of the Hebron Field, which is estimated to contain 707 million barrels of oil.
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