OilCo has enhanced the province’s oil and gas potential by providing knowledge and insight to attract new investments to the oil and gas industry in offshore Newfoundland and Labrador.
Our strategy
OilCo leads the exploration of the province’s frontier and deepwater basins by strategically investing in data acquisition and analysis to evaluate Newfoundland and Labrador’s (NL) undiscovered oil and gas resource potential.
Key elements of our strategy are:
- accelerating exploration activity in NL to identify new resources;
- lowering policy barriers to exploration to enhance NL competitiveness;
- positioning NL to monetize all commercial oil and gas resources;
- increasing and quantifying portfolio of potential 10% equity stakes by finding new prospects, de-risking, and preparing for license rounds and drilling; and,
- increasing knowledge of frontier basins from the earliest stages, which will ensure strong standing at the initial project development stage.
Over the past decade, the Government of Newfoundland and Labrador, through OilCo, has invested approximately $180 million to participate in geoscience data to find and evaluate offshore NL’s oil and gas potential. This investment has been leveraged with over $600 million from private data partners. This achievement of attracting foreign investment in offshore NL was recognized by the Petroleum Economist (London) Awards as OilCo was a finalist for the 2017 Exploration Company of the Year.