February 7, 2014
Ensuring Maximum Benefits in Resource Development
Statoil’s Commitment to Bay du Nord is Good News for Newfoundland and Labrador
Today’s announcement by Statoil to undertake a drilling program in the resource-rich Flemish Pass Basin is significant for the future of the province’s petroleum industry.
“The oil discovery at Bay du Nord was announced only four months ago and now it has advanced to being a core area in Statoil’s global exploration portfolio. Bay du Nord is one of the largest conventional oil fields to be discovered in offshore Canada, and a program such as this one in a high activity frontier area will help to build on the momentum in terms of exploration and appraisal activity.”
- The Honourable Derrick Dalley, Minister of Natural Resources and Minister Responsible for the Forestry and Agrifoods Agency
The Provincial Government is committed to encouraging exploration in frontier areas and is investing in geoscience, marketing, and updating the land tenure system to attract more interest and players.
Through sound fiscal management and responsible decisions, the Government of Newfoundland and Labrador is strengthening the business environment, encouraging the development of innovative industries and building a vibrant economy.
QUICK FACTS
- Statoil’s announcement to undertake a drilling program in the resource-rich Flemish Pass Basin is significant for the future of the province’s petroleum industry.
- The exploration program will start in the spring and includes acquiring 1,900 square kilometres of seismic data in the Bay du Nord area.
- A semi-submersible drill rig has been secured for the drilling program which will take approximately 18 months to complete.
- The offshore petroleum industry is the largest contributor to the provincial GDP at 33 per cent with an oil production value of over $8 billion and royalty revenues of $2 billion in 2012.
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Media contact:Diana Quinton
Director of Communications
Department of Natural Resources
709-729-5282, 631-8155
dianaquinton@gov.nl.ca
2014 02 07 2:45 p.m.