Newfoundland and Labrador - a rare find

Oil & Gas

The oil & gas industry is poised for growth, with a strong exploration program and global operators active in exploration, development, and production.

Reserves were first discovered in 1979, with first oil in 1997. Twenty years later, there are four fields producing an average of 240,000 barrels per day and a fifth field, the $14 billion Hebron project, nearing production. Exploration and licensing continue with the last round in 2016 seeing $758 million in work commitments across eight land parcels. The next licensing rounds are scheduled from 2017 to 2020.

Hibernia
Terra Nova
White Rose
Hebron

Exploration

The area for offshore exploration is 2.5x that of the North Sea, with only 5 percent under license. Nalcor Energy, the provincial energy company, has a robust exploration program to inform and support work by operators and their partners. From biostratigraphy to regional rock physics, these studies are undertaken to address key risks and scientific uncertainties and enable potential operators to focus on areas of promise.

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Exploration Strategy

Licensing

A scheduled land tenure system is in place to provide increased time frames for calls for bids in frontier regions. The offshore area has been divided into eight regions that have been individually categorized as either low activity, high activity, or mature, based on the level of oil and gas exploration and development activities. The licensing process is conducted through the Canada-Newfoundland and Labrador Offshore Petroleum Board (CNLOPB).

Nalcor Energy

For full information on exploration, visit the provincial energy corporation: Nalcor Energy.

20 Years of Production

$758 Million Committed by Operators to Exploration in 2016

New 700 Million Barrel Field Online in 2017

Get Started!

Darrell Spurrell
Director, Marketing and Promotion
darrellspurrell@gov.nl.ca

709.729.0579

Supply and Service

The province has a robust supply and service sector, supporting local exploration and development as well as global projects. The sector’s expertise is in fabrication, systems integration, observation, inspection and safety, and the environment. They are ready to support your project.

Active Explorers