Understanding Newfoundland and Labrador’s resource potential
Since 2011, OilCo and its partners TGS and PGS 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.
Since 2015, Beicip-Franlab has completed 10 independent resource assessments in offshore Newfoundland and Labrador, using long-offset broadband seismic data. Each resource assessment covers approximately two per cent or 20,000 km2 of Newfoundland and Labrador’s offshore basin area.
Newfoundland and Labrador’s offshore spans over 1.8 million km² and has historically remained largely unexplored. Acquiring seismic data and conducting resource assessments improves understanding of the province’s offshore hydrocarbon systems. Sharing these insights ahead of land sales provides the global energy industry with critical geoscientific information to guide future exploration and development. This proactive approach enables a comprehensive evaluation of Newfoundland and Labrador’s offshore basins, with findings made publicly available before licence round bidding.