Newfoundland and Labrador’s offshore spans 1.8 million square kilometres with less than 10 per cent under license.
With lower costs and emissions 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 our province and is responsible for all exploration pursuits, management of existing offshore assets, and future investment in offshore developments.