Newfoundland and Labrador’s offshore spans 1.8 million square kilometres with our oil reserves emerging as some of the most carbon competitive in the world.
To enhance our province’s oil and gas potential, the Government of Newfoundland and Labrador established Oil and Gas Corporation of Newfoundland and Labrador (OilCo) from our legacy company Nalcor Energy-Oil and Gas. Our new Crown corporation is leading oil and gas activities in our province and is responsible for all exploration pursuits, along with future investment in offshore developments. We continue to manage the province’s interests in existing oil and gas assets – Hebron, White Rose, and Hibernia Southern Extension. OilCo also manages the Bull Arm Fabrication Site.