Understanding Newfoundland and Labrador’s resource potential
Since 2011, OilCo, with partners TGS and PGS, has acquired 180,000 line km of new 2D and 50,000 km2 of new 3D multi-client seismic data. Seismic surveys in offshore Newfoundland and Labrador have been instrumental in identifying significant oil and gas resource potential, leading to new basins and areas that may contain material hydrocarbon prospectivity.
Using this long offset broadband dataset and working with Beicip-Franlab, 10 independent resource assessments have been completed since 2015. Each area covered by a resource assessment is approximately two per cent or 20,000 km2 of Newfoundland and Labrador’s offshore basinal area.
Resource assessments enhance understanding of Newfoundland and Labrador’s offshore oil and gas potential. Sharing this insight ahead of land sales equips the global industry with valuable knowledge to guide future exploration and development in our province.