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 the 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, management of existing offshore assets, along with future investment in offshore developments.

Our team of explorers is driven by their passion for their profession but just as equally by their passion for our province.


2021 Independent Resource Assessment Released

Results of the 2021 Independent Resource Assessment show a potential of 21.9 billion barrels of oil equivalent (P50 unrisked volumes) in the Labrador South Region. October 20, 2021: This is…

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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 our proprietary exploration strategy system 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.

Key Facts

line km of new 2-D multi-client data
million km2 of metocean analysis
line km of new 3-D multi-client data
of NL’s offshore basincaptured by resource assessments
leads and prospects and new basin areasdefined by new seismic work
of offshore wells analyzed

We maximize the value of NL’s resources at all stages of exploration, development and production.

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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.


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