Natural Resources
September 7, 2018

Minister Coady Announces 2018 Independent Oil and Gas Resource Assessment

Today, the Honourable Siobhan Coady, Minister of Natural Resources, provided an update on the independent resource assessment for Newfoundland and Labrador that identifies an additional 11.7 billion barrels of oil and 60.2 trillion cubic feet of gas potential offshore. In total, there is a combined resource potential of 49.2 billion barrels of oil and 193.8 trillion cubic feet of gas in less than seven per cent of our offshore.

The 2018 independent resource assessment is 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 independent assessment covers approximately two per cent (20,000 square kilometres) of Newfoundland and Labrador’s offshore area.

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.

This is the third independent resource assessment that has been completed. Future licence rounds scheduled through 2021 will follow the same process with detailed independent resource assessments being conducted and released prior to bid closing.

An immediate priority of government is to drive exploration in the oil and gas industry as presented in Advance 2030 - The Way Forward on Oil and Gas. By leading the collection of new seismic data in the early stages of the exploration cycle and providing extensive information about the offshore oil and gas resource potential, new areas for industry exploration and future resource development opportunities are being opened offshore.

Support for the oil and gas industry also delivers on commitments in The Way Forward to strengthen the province’s economic foundation. The Way Forward outlines all actions the Provincial Government is taking to achieve a strong, diversified province with a high standard of living, and can be viewed at thewayforward.gov.nl.ca

Quotes
“The resource potential in our offshore is incredible. In less than seven per cent of our offshore, we have a combined resource potential of 49.2 billion barrels of oil and 193.8 trillion cubic feet of gas. We have over 650 leads and prospects identified to date, seven new entrants in the past two years, and $2.9 billion in recent exploration work commitments. We will continue to position our province as an internationally preferred location for oil and gas exploration and development.”
Honourable Siobhan Coady
Minister of Natural Resources

“We’re seeing the potential for multiple material scale opportunities in this upcoming licence round and as a result of our 3D data investments we’ve also uncovered new leads and prospects in an area that was previously offered and is coming back for bidding in this licence round. Our ongoing collection of data is showing significant geological diversity throughout our offshore.”
Jim Keating
Executive Vice President, Corporate Services and Offshore Development, Nalcor Energy-Oil and Gas

“Beicip-Franlab has carried out detailed interpretations of past and new well and seismic data in the Orphan / Flemish basins and in the Eastern Jeanne d’Arc basin. These interpretations and petroleum systems modeling indicate the existence of significant oil and gas resources.”
Jean Burrus
CEO, Beicip-Franlab

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Learn More
Premier Announces 2016 Independent Oil and Gas Resource Assessment: gov.nl.ca/releases/2016/exec/0824n04.aspx

Provincial Government Releases Advance 2030 – A Plan for Growth in the Newfoundland and Labrador Oil and Gas Industry: gov.nl.ca/releases/2018/exec/0219n01.aspx

Media contacts
Nancy Hollett
Natural Resources
709-729-5777, 685-3372
nancyhollett@gov.nl.ca

Leona Barrington
Nalcor Energy-Oil and Gas
709-737-4244, 699-8035
leonabarrington@nalcorenergy.com

Event Beicip-Franlab
232, avenue Napoleon Bonaparte - BP 213
92500 Rueil-Malmaison Cedex - France
Phone: +33 1 47 08 80 00 - Fax: +33 1 47 08 41 85
events@beicip.com

2018 09 07                              11:20 a.m.