Who we are
OilCo is a state-owned oil and gas company located in Newfoundland and Labrador (NL) on Canada’s east coast. Our team of 20 people is responsible for exploration, management of existing offshore assets, and potential future investment in offshore developments.
OilCo leads oil and gas activities in offshore NL. On behalf of the Government of Newfoundland and Labrador, our team manages non-operated interests in three producing offshore projects.
What we do
• We drive investment in offshore NL.
> Since 2015, our work has brought almost $4 billion in foreign direct investment to NL.
• We are maximizing returns through equity investments.
> Since 2010, NL’s equity investments in offshore projects have earned more than $780 million in dividends.
• We are executing an exploration strategy to find new oil and gas resources in our offshore.
> Our data strategy has attracted nine new entrants to offshore NL since 2015.
About our team
• Our team has deep global industry knowledge.
>We have gained vast perspectives from working across multiple corporations and countries.
• We recognize the immense potential of offshore NL.
>We have extensive exploration knowledge created through 15 years of geoscience investments.
Offshore NL’s strategic advantages
From our world-class industrial fabrication capabilities, extensive and experienced supply and service community, and stable and predictable investment climate, offshore NL offers many strategic advantages:
• Competitive cost per barrel with total life of field development costs ~$20-$30 US/barrel.
• High netbacks with global Brent pricing.
• Deep inventory of prospects with significant growth opportunities.
• One of the lowest carbon-intensive barrels in the world.
• Significant potential for new entrants.
• Stable and predictable investment environment.
• Recent discoveries.
• Direct access to markets.