Exxon to sell its stake in oil project offshore Newfoundland

Exxon Mobil has confirmed it will sell its 19% stake in an offshore oil project off of Newfoundland, Canada, according to Reuters.

Irving, Texas-based Exxon will be putting the stake in the Terra Nova project up for bidding on March 30.

Terra Nova comprises a floating production, storage and offloading (FPSO) vessel (designed for the North Atlantic environment) and 30 wells.

It is located about 220 miles off Newfoundland and Labrador. So far it has yielded about 400 million barrels since production began in 2002.

Exxon’s co-partners in the project are PetroCanada, Husky Oil and Murphy Oil.

Donal Scully

With 28 years experience writing and editing for newspapers in the UK and Hong Kong, Donal is now based in California from where he covers the Americas for Splash as well as ensuring the site is loaded through the Western Hemisphere timezone.
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