We maximize the value of Newfoundland and Labrador’s (NL) offshore resources at all exploration, development, and production stages.
Who we are
Established in 2019 by the Government of Newfoundland and Labrador, OilCo leads oil and gas activities in our offshore. On behalf of the Government, OilCo manages Nalcor-Oil and Gas’ equity ownership in three producing offshore oil projects and participates in future projects through equity ownership in new developments.
What we do
• We are creating value and attracting new investments to NL.
> Since 2015, our work has brought almost $4 billion in foreign direct investment to NL.
• 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.
• We are maximizing returns through equity investments.
> Since 2018, NL’s equity investments in offshore projects have earned more than $575M in dividends.
• 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.
>Through more than a decade of gathering and analyzing data, we know the tremendous resources beneath our waters.
Offshore NL’s strategic advantages
Offshore NL is known as one of the top frontier regions in the world.
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.
With proven lower-emission oil, competitive economics, secure supply, and recent discoveries, our offshore is poised to be a leader in the global energy transition.