We maximize the value of NL’s resources at all stages of exploration, development, and production.
In 2020, to enhance our province’s oil and gas potential, our Shareholder, 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.
OilCo is leading oil and gas activities in our province. We are driving safe and environmentally-responsible exploration and development activities. On behalf of the Province of Newfoundland and Labrador, we participate in future projects through equity ownership in new developments. We also continue to manage Newfoundland and Labrador’s partnership interests in existing oil and gas assets.
We are a participant in early-stage exploration, basin/prospect evaluations, and development and production. We are not competitive with industry and therefore do not participate in land sales.
We are proud of our more than a decade history of leading oil and gas activities in Newfoundland and Labrador for the benefit of the people of our province. Our exploration and production work has attracted new investments, doubled entrants to the oil and gas industry in Newfoundland and Labrador, and positioned our province as a globally preferred location for development.
We have the expertise and relationships to support the long-term value and wealth of our province.
Our roots started with Nalcor Energy-Oil and Gas.
In 2007, we entered into a memorandum of understanding on an equity position in Hebron (4.9% equity finalized in 2008) and negotiated an equity position in the White Rose Extension project (5% equity finalized in 2009). In 2010, we acquired a 10% equity interest in Hibernia Southern Extension.
Oil and gas exploration represents the first piece of the petroleum value chain. The availability of quality well and seismic data is a critical step to exploration and is instrumental in understanding the prospectivity of our province’s offshore basins. That is why in 2010 our oil and gas team working at Nalcor Energy began making strategic investments in new data acquisition and analysis so we can better understand the potential in our province’s offshore basins.
That is our beginning, but there is much more to our story.