Newfoundland and Labrador’s offshore spans 1.8 million square kilometres with less than 10 per cent under license.

With lower costs per barrel, combined with predictable and scheduled license rounds, offshore Newfoundland and Labrador is the top production region in eastern Canada and one of the leading exploration jurisdictions in the world.

The Government of Newfoundland and Labrador established the Oil and Gas Corporation of Newfoundland and Labrador (OilCo) from our legacy company Nalcor Energy-Oil and Gas to enhance our province’s oil and gas potential.

OilCo leads offshore oil and gas activities in Newfoundland and Labrador and is responsible for all exploration pursuits, management of existing offshore assets, and future investment in offshore developments.

KEY FACTS

4.9-8.7%
non-operated working interest in three projects
180,000+
line km of new 2D multi-client data acquired
20+
prospects with potential oil reserves of ~1 billion barrels
~10,000
barrels per day current net production
50,000+
km2 of new 3D multi-client data acquired
650+
leads mapped & new basin areasdefined by seismic work
300+
combined years of experience in the petroleum industry
~10%
of NL's offshore basin captured by resource assessments
2.3
million km2 of metocean analysis

Take a deep dive with Insight

The North Atlantic is a big place; we are making it a lot smaller.

We share our geoscience knowledge with the global oil and gas industry.

OilCo takes a systematic and scientific approach to evaluate Newfoundland and Labrador’s frontier basins. Through Insight, information from multiple sources, studies, and reports is united on an interactive map enabling users to display, filter, and analyze a vast array of data and information in one location.

Dive into Insight here.

We drive investment in offshore Newfoundland and Labrador.

learn more about OilCo

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Our Commitment.

OilCo is committed to providing investment-grade science and thoughtful leadership and guidance that supports the creation of long-term value and wealth. As a result of this commitment, our dedicated team has enhanced understanding of the offshore resources and landed exploration investments.

Contact

Michelle Stamp
t. 709.737.4698
e. info@oilconl.com

45 Hebron Way, Suite 301
St. John’s, NL Canada
A1A 0P9