Understanding the Resource Potential
OilCo in collaboration with the Department of Industry, Energy and Technology (formally Department of Natural Resources) has engaged a third party consultant, Beicep Franlab, to conduct independent resource assessments for offshore Newfoundland and Labrador in advance of the closing of scheduled license rounds.
This process is an integral part of OilCo’s exploration strategy. Future license rounds will follow the same process with detailed resource assessments being conducted over those areas with results released prior to bid closing, ensuring the global industry and the Newfoundland and Labrador public have a scientifically quantified view of the potential of the blocks on offer. Each area covered by the resource assessment is approximately 2 per cent (20, 000 square kilometres) of Newfoundland and Labrador’s offshore basin area.
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.