OilCo is leading the exploration of the province’s frontier and deepwater basins by making investments in new geoscience data and analysis to evaluate Newfoundland and Labrador’s undiscovered oil and gas resource potential.
OilCo has developed and is executing an exploration strategy based on global best practices to find and deliver new oil and gas resources for the benefit of the people of Newfoundland and Labrador.
Our team undertakes strategic investments in new data acquisition and analysis at the front end of the exploration cycle to enhance knowledge of the prospectivity of offshore Newfoundland and Labrador’s frontier basins, open new areas to industry exploration, and increase Newfoundland and Labrador’s global competitiveness to attract exploration investment.
OilCo is not competitive with industry and therefore does not participate in bidding on land.
Our systematic approach
OilCo takes a systematic and scientific approach to evaluate Newfoundland and Labrador’s frontier basins. Through our proprietary exploration strategy system (NESS), our team consistently evaluates all of Newfoundland and Labrador’s basins (over 20) on the key elements that make up a commercial-grade petroleum deposit. This process identifies critical knowledge gaps that may exist and highlights key risks holding back industry investment.
OilCo continues to make investments and design geoscience programs to address the key risks in a basin-by-basin approach. As more is learned about a region, some basins will likely look less prospective – a reality of exploration. However, by guiding investments and activity strategically, OilCo is positioned to make the right investments at the right time to unlock the next areas of offshore Newfoundland and Labrador that may contain material prospectivity, ultimately delivering new resources for the benefit of the people of Newfoundland and Labrador.