Newfoundland Stands Firm on Hebron Royalties

According to a report in the Chronicle Herald, the Newfoundland government is not bowing to pressures from big oil to reduce its royalty rates from the proposed $5-billion Hebron heavy oil project in the North Atlantic. In April, it was announced that the Hebron project was being suspended after its partners were unable to reach a development agreement with the government of Newfoundland and Labrador. Hebron, located 350 km off the Newfoundland coast, is estimated to contain 731 million barrels of oil. Oil majors with a stake in the project include ExxonMobil, Chevron, Petro-Canada and Norsk Hydro Canada Oil and Gas Inc. (Source: http://thechronicleherald.ca)