Hebron-Ben Nevis announcement is going to jump-start the Newfoundland industry, and bring in billions during its life.  Employment in St. John’s and area will increase bringing back Newfoundlanders currently working in Alberta.  Relocation to St. John’s real estate market will certainly benefit.  The overall St. John’s economy will surely boom in the next few years, including the St. John’s, Mount Pearl, Paradise real estate market.

The Hebron asset, which consists of the Hebron, Ben Nevis and West Ben Nevis fields, was first discovered in 1981. Chevron Canada Limited is the operator for the Hebron project with a 28 per cent working interest. The asset is located in offshore Newfoundland’s Jeanne d’Arc basin and is approximately eight km north of the Terra Nova oilfield. Partners signed a Unitization and Joint Operating Agreement in 2005. Hebron is a heavy oil reservoir with significant technical and commercial challenges and is estimated to have 400-700 million barrels of resources. Project partners include: ExxonMobil Canada (37.9%), Petro-Canada (23.9%), and Norsk Hydro (10.2%).

GREAT news for the St. John’s Real Estate Market!

Presented by Moishe Alexander, CFC CEO

http://activerain.com/blogsview/182340/hebron-ben-nevis-oil-project-a-go-for-newfoundland