Newfoundland And Labrador: Canada's Energy Landscape
Insight There are major opportunities to capitalize on marine energy in Atlantic Canada.
Named the bright spot on Canada's energy landscape for 2013, Newfoundland & Labrador is becoming one of the most talked about oil & gas jurisdictions globally.
A recent multi-client seismic program uncovered three newly defined basins in the Labrador Sea and the recent finds in the Flemish Pass Basin, which has been compared to the massive Johan Sverdrup in Norway estimated to hold between 1 to 3 billion barrels, the province's potential bodes well for future development.
"Over the course of the next several years we expect the industry to flourish and believe that a long and positive future is ahead for the local oil and gas industry."
Supply and service sector
With three oilfields in production, Hibernia, Terra Nova and White Rose and a fourth in development, Hebron, our local supply and service sector are leaders in harsh environment strategies and have worked through every phase of major projects.
Eight billion barrels
In 2013, it was estimated that the total discovered and undiscovered oil offshore NL is over eight billion barrels. The region has been declared highly prospective by Wood Mackenzie. Over the course of the next several years we expect the industry to flourish and believe that a long and positive future is ahead for the local oil and gas industry.