Exxon said it would design a stand-alone structure to develop the Hebron oil field off the coast of Newfoundland and Labrador. The company said the project, which represents $14 billion in capital cost, will be able to recover more than 700 million barrels of oil.
"Hebron is one of several large-scale oil developments that ExxonMobil will bring on stream in the next five years," Exxon Mobil Development Co. President Neil Duffin said in a statement.
Exxon said the facility will be able to withstand encroaching sea ice, icebergs and the tough oceanic climate. The base for the facility is designed to hold 1.2 million barrels of crude oil.
Production from the Hebron field is expected by 2017, said Exxon. Partners to the project include Chevron Canada Ltd, Suncor Energy Inc., Statoil Canada, and Nalcor Energy Oil and Gas.
Notable deaths of 2014 [PHOTOS]