Hydro Canada Oil Gas Inc News

Chevron Canada Ltd. says its partnership has decided to suspend negotiations with the government of Newfoundland and Labrador and demobilize the Hebron offshore project team after failing to reach a development agreement with the province. The joint-venture partners are ExxonMobil Canada, Petro-Canada and Norsk Hydro Canada Oil & Gas Inc., a subsidiary of Norway's Norske energy and industrial giant. Toronto Star reported that Hebron poses a number of challenges due to the high degree of technical complexity associated with recovering heavy oil in a harsh marine environment. While project activities have been suspended, the co-venturers remain positive that activities could proceed at a future date after a deal is reached with the provincial government.