BULL ARM, N.L.—There’s some good economic news in cash-strapped Newfoundland today as a ceremony marks the wind-up of construction for the massive Hebron oil platform.
It will be towed next month from Bull Arm to its destination about 350 kilometres southeast of St. John’s.
Hebron is expected to start producing oil later this year in a field estimated to contain more than 700 million barrels of oil.
The $14-billion project employed more than 3,500 people at the height of construction.
Total costs have almost tripled and oil prices have dropped since the Hebron project was first announced 10 years ago for an estimated price of $5 billion.
The governing Liberals say Hebron will generate $10 billion in royalties and benefits over the next 20 years—less than half what the former Tory government estimated.