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 1.5 times 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 during the recent industry downturn, the province’s regularly scheduled land sales brought in record levels of work commitments. In the past two years, seven new E&P companies have entered the Newfoundland and Labrador offshore industry.
Newfoundland and Labrador has four oilfields in production 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 four producing offshore oil projects.
East Coast Canada’s most recent oil project, the Hebron oilfield, produced first oil November 27, 2017.
NL has major oil & gas infrastructure for construction, fabrication & repair, transportation & storage, research & development and processing.
The oil & gas industry in Newfoundland and Labrador is governed by the Canada-Newfoundland Atlantic Accord Implementation Act (the Atlantic Accord).