Understanding Newfoundland and Labrador’s resource potential

In collaboration with the Government of Newfoundland and Labrador, OilCo has engaged Beicip-Franlab to conduct independent resource assessments for offshore Newfoundland and Labrador. Nine resource assessments have been conducted since 2015. Each area covered by a resource assessment is approximately two per cent or 20,000 km2 of Newfoundland and Labrador’s offshore basin area.

Resource assessments add to the growing knowledge about offshore Newfoundland and Labrador’s oil and gas potential. Completing a resource assessment in advance of a land sale shares important information about the resource potential of a given area and provides the province and global industry with detailed knowledge about potential hydrocarbon resources that could be discovered and developed in Newfoundland and Labrador’s offshore.

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.

This phased and systematic approach ensures a full evaluation of all of our basins over time with timely results delivered to industry prior to bidding, thereby ensuring maximum value for our offshore acreage is attained.