Countdown is on for tow of massive Hebron oil platform to field off Newfoundland

It was made with more concrete than the Empire State Building — and it moves.

Dignitaries cut ceremonial chains on the massive Hebron oil platform Tuesday, marking the wind-up of construction for a $14-billion project that employed more than 7,500 people at its height.

The massive gravity-based structure and topsides together tower about 230 metres high and weigh 750,000 tonnes. It will be towed next month from Bull Arm to its destination about 350 kilometres southeast of St. John's.

Geoff Parker, senior project manager, said a slip form for the gravity-based structure tanks, which sit mostly under water, used more concrete than the famed New York City skyscraper.

"We're on track to be setting down the platform in May, then we'll be drilling in the summer and producing oil by the end of the year," he told reporters.

"This is a large, complex project," he added, noting that various components were built around the province and the world.

Hebron is expected to start producing oil later this year in a field estimated to contain more than 700 million barrels.

Total expenses almost tripled and oil prices have dropped since the Hebron project was first announced 10 years ago for an estimated cost of $5 billion.

The governing Liberals say it will generate more than $10 billion in royalties and benefits over the next 20 years — less than half the estimated $23 billion once hailed by the former Tory government.

Paul Dwyer, the offshore installation manager, said workers logged 40 million hours without a lost-time injury.

He called that an "amazing" achievement on a project that will reap dividends over the next two decades.

Hebron project partners led by ExxonMobil Canada include Chevron Canada, Suncor Energy, Statoil Canada and provincial Crown corporation Nalcor Energy with a 4.9 per cent equity stake.

The province acquired the stake after a battle over revenue sharing between former premier Danny Williams and ExxonMobil.

Hebron will be the fourth producing site off Newfoundland after Hibernia, Terra Nova and White Rose.