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The leader of Canada's east coast province of Newfoundland has announced a tentative agreement to develop an offshore project estimated to contain 223 million barrels of oil.
Newfoundland and Labrador Premier Danny Williams said Tuesday the provincial government will acquire a 10 percent equity stake in Hibernia South.
The development includes Exxon Mobil [XOM
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], Chevron [CVX
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], Petro-Canada [PCZ
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], Norsk Hydro, Murphy Oil [MUR
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] and Canada Hibernia Holding.
Williams says over the life of the project, the province will generate $8.8 billion in revenue while Canada will earn $3.1 billion.
Newfoundland rejected a proposal to develop the project in 2007.
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