Newfoundland And Labrador: Marine Energy Opportunities
Community Major opportunities to capitalize on marine energy.
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.
With three oilfields in production, Hibernia, Terra Nova and White Rose and a fourth in development, Hebron, our local supply & service sector are leaders in harsh environment strategies and have worked through every phase of major projects.
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 & gas industry.