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)