Independent Resource Assessment Reveals Oil and Gas Potential Offshore Newfoundland and Labrador Continues to Grow
Monday 10 September 2018
The Government of Newfoundland and Labrador, Nalcor Energy-Oil and Gas and Beicip-Franlab today released the 2018 Oil and Gas Resource Assessment that identifies an additional 11.7 billion barrels of oil and 60.2 trillion cubic feet of gas potential offshore.
The independent resource assessments are based on new data covering parcels on offer in the Orphan Basin (NL18-CFB01) and the East Jeanne d’Arc Basin (NL18-CFB01) within the area of the Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) 2018 Eastern Newfoundland Call for Bids.
The upcoming license round includes a total of 16 parcels, nine new are the focus of the resource assessment which have been broken into two separate land areas – 2018 A (Orphan Basin) and 2018 B (East Jeanne d’Arc Basin). New 3D seismic data coupled with seabed cores collected by Nalcor and partners, TGS, PGS and Furgo, in the Orphan Basin has provided scientific evidence of active petroleum systems in the bid area. Multiple leads and prospects have been identified and separate assessment reports have been completed for 2018 A and 2018 B.
Using the insights from regional Nalcor-Airbus satellite seeps survey and gravity and magnetics data, Nalcor, in partnership with global seismic companies TGS and PGS, is conducting one of the largest seismic programs in the world. By the end of 2017, over 170,000 line kilometres of new 2D and 15,000 square kilometres of multi-client 3D seismic data had been acquired. In addition to new data acquisition, Nalcor is systematically evaluating Offshore NL’s sedimentary basins for their potential to contain new oil and gas discoveries. From biostratigraphy to regional rock physics, these studies are undertaken to address key risks and scientific uncertainties in an effort to enhance industry investment in the province. All this data and knowledge helps inform the annual resource assessment results.
The independent assessment covers approximately 2% (20,000 square kilometres) of Newfoundland and Labrador’s offshore area. Future license rounds scheduled through 2021 will follow the same process with detailed resource assessments being conducted and released prior to bid closing.
2018 B (East Jeanne d’Arc Basin).
Nalcor Energy Oil and Gas is currently a working interest partner in three offshore developments: the Hebron oil field, the White Rose Growth Project and the Hibernia Southern Extension. Nalcor is also leading the exploration of the province’s frontier and deepwater basins by making investments in new geoscience data and analysis to evaluate Newfoundland and Labrador’s undiscovered oil and gas resource potential.