Newfoundland and Labrador’s offshore has significant geological diversity spread over 1.8 million km2 with less than 10% under license. Offshore Newfoundland and Labrador is 1.5 times larger than the U.S. Gulf of Mexico and 2.5 times larger than the North Sea.
Our offshore oil and gas industry dates back more than 50 years to exploration off the Grand Banks and subsequent discoveries in the Jeanne d’Arc basin and more recently in the Flemish Pass basin. Today, successful developments at Hibernia, Terra Nova, White Rose, and Hebron have produced more than two billion barrels of oil since 1997.
Our portfolio of producing resources
Nalcor Energy-Oil and Gas is a joint venture working interest partner in three producing projects in offshore Newfoundland and Labrador − 8.7% in Hibernia Southern Extension, 4.9% in Hebron, and 5% in White Rose Extension. These projects are located in the Jeanne d’Arc basin.
OilCo manages these non-operated working interests on behalf of Nalcor Energy-Oil & Gas.
Development and production highlights
- Current net production is ~10,000 barrels per day.
- ~ 1/3 of estimated reserves produced.
- More than 30 million barrels in proven and probable reserves remain.
- ~10 million barrels in contingent resources.
- Cash flow positive by November 2017, with only 8% of our current known reserves produced.
Click to learn more about each project.