Newfoundland and Labrador is becoming one of the most talked about oil & gas jurisdictions, globally.
Recent finds in the Flemish Pass Basin are being compared to the massive Johan Sverdrup development offshore Norway and independent assessments of the province’s offshore basin area, which is double the size of the Gulf of Mexico and 67 per cent larger than that of the United Kingdom, are showing significant oil & gas resources. Even in this period of depressed oil prices, the province’s regularly scheduled land sales are bringing in record levels of work commitments. Since the fall of 2015, seven new E&P companies have entered the Newfoundland and Labrador offshore industry.
Newfoundland and Labrador has three oilfields in production, a fourth poised to draw first oil later this year, and a local supply and service sector which has provided leadership in harsh environment strategies while working through every phase of these four major projects. Extending the range of what’s possible in petroleum development, Newfoundland and Labrador is a leader in harsh ocean development.
The search for oil has been forefront in the minds of explorers in Atlantic Canada for almost 200 years.
Newfoundland and Labrador’s potential for further growth as an oil & gas jurisdiction remains strong.
East Coast Canada currently has three stable, producing offshore oil projects.
East Coast Canada’s upcoming oil project, the Hebron oilfield, is scheduled to draw first oil in 2017.
NL is home to major oil & gas infrastructure facilities for construction, fabrication and repair; transportation and storage; research and development
The oil & gas industry in Newfoundland and Labrador is governed by the Canada-Newfoundland Atlantic Accord Implementation Act (the Atlantic Accord).