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NL premier says talks to develop Hebron offshore oil back on Add to ...

Newfoundland and Labrador Premier Danny Williams says discussions that could lead to the development of the stalled Hebron offshore oil project have resumed.

The project collapsed last year after Mr. Williams insisted on a 4.9 per cent equity stake in the proposed offshore oil field.

Chevron Canada Ltd., the operator of the Hebron offshore oil platform, disbanded its project team after the province and an oil consortium couldn't agree on fiscal terms and benefits.

Some economists warned that Mr. Williams's stance was putting the province's financial future on the line, and ExxonMobil Canada, the largest equity holder in Hebron with a 38 per cent stake, said his refusal to budge could stunt the growth of Atlantic Canada's offshore oil industry.

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