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The company plans to use a gravity-based structure to recover more than 700 million barrels of oil from the field, at a rate of 150,000 barrels per day, for a total capital cost of $14 billion. Exxon's Canadian subsidiary will own 36% of the project, with Chevron's (NYSE: CVX ) Canadian subsidiary owning 26.7%, Suncor Energy (NYSE: SU ) 22.7%, Statoil's (NYSE: STO ) Canadian subsidiary 9.7%, and Nalcor Energy Oil and Gas 4.9%.
Production is slated to begin around the end of 2017. Regulatory approvals from the governments of Canada, Newfoundland, and Labrador have already been secured. Front-end engineering and design for the structure has already been completed, as well.
Exxon shares closed 0.5% higher after the news Friday, at $88.96.