Hebron application submitted – and it’s expensive!

The group of oil companies ‘proposing’ the development of the Hebron oil field submitted their ‘application’ to the Canada-Newfoundland Offshore Petroleum Board (C-NLOPB), and the total estimated costs for the project is $14-billion. To put this cost in perspective, that is almost double the amount of Newfoundland and Labrador’s entire 2011 provincial budget – but the province’s 4.9 per cent stake in project only cost taxpayers $110 million. The Hebron project development area is about 350 kilometres from St. John’s, and about 32 kilometres southeast of the Hibernia oil development project. TheIndependent.ca will make the bold prediction that this application will be accepted.

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