May 22, 2025: Supporting the C-NLOPB’s 2025 Call for Bids issued today, OilCo has published two independent resource assessments completed by Beicip-Franlab for the Labrador South Region.
Basin models for the Chidley and Hawke Basins highlight high oil and gas prospectivity in a large number of structural and stratigraphic traps, with an estimated potential of 37.9 billion barrels of oil equivalent (P50 in-place unrisked volumes) being calculated.
2021 Chidley Basin resource assessment
- Estimated 15.4 billion barrels of oil and 6.4 trillion cubic feet of gas potential identified
- Basin is extensively covered by modern 2D and 3D long offset broadband seismic
2025 Hawke Basin resource assessment
- Estimated 9.7 billion barrels of oil and 36.5 trillion cubic feet of gas potential identified
- Basin is extensively covered by modern 2D long offset broadband seismic
Read the resource assessments for Labrador South Region (2021 Chidley Basin and 2025 Hawke Basin) available here.
While the slope to deepwater offshore Labrador basins are undrilled, the high-quality and integrated geoscientific data throughout the region shows significant potential for active petroleum systems.
Resource assessments enhance understanding of Newfoundland and Labrador’s offshore oil and gas potential. Sharing this insight ahead of land sales equips the global industry with valuable knowledge to guide future exploration and development in our province. In collaboration with Beicip-Franlab, 10 independent resource assessments have been completed since 2015.
The C-NLOPB announced its 2025 Call for Bids for exploration licences in the Labrador South and Eastern Newfoundland Regions on May 22, 2205. The Call for Bids consists of seventeen parcels in Labrador South and nineteen parcels in Eastern Newfoundland regions. More information about the C-NLOPB’s 2025 Call for Bids is available here.
Established in 2019 by the Government of Newfoundland and Labrador, OilCo leads oil and gas activities in offshore Newfoundland and Labrador. OilCo’s team manages non-operated interests in three producing offshore projects and focuses on attracting new investments to the oil and gas industry in Newfoundland and Labrador and maximizing returns through equity investments.