Hibernia being towed into place in 2017.
By the numbers

Newfoundland and Labrador Offshore: Big numbers, big potential

The oil and natural gas industry is a major economic contributor in Newfoundland and Labrador, and has the potential to get much bigger.

What’s the growth potential of Newfoundland and Labrador’s offshore oil and natural gas industry?

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  25.5 billion barrels of oil and 20.6 trillion cubic feet of gas potential identified in an independent study covering blocks on offer in the West Orphan Basin in 2016, New Lower Tertiary play trend identified.
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12 billion barrels of oil and 113 trillion cubic feet of gas potential identified in an independent study covering blocks on on offer in 2015 license round. 
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910,046 km2 is the size of Newfoundland and Labrador’s offshore sedimentary basin. That’s 1.5 times the size of the U.S. Gulf of Mexico.
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>170,000 km of new 2-D multi-client seismic data acquired as of the end of 2017.
 
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Over 650 leads and prospects; less than 7 per cent licensed and more than 20 basins mapped.
 
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$2.6 billion in recent exploration work commitments.

The current economic impact of the offshore industry in Newfoundland and Labrador is already significant:

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  4 major offshore projects produce 25% of Canada’s conventional light crude oil.
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25% of provincial GDP and 41% of exports contributed by oil and gas industry over the past 20 years
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>$506 million spent on R&D and education and training since April 2004.
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5,251 people directly employed in construction and operations on four offshore projects as of December 2017 (85% were local residents)
 
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$19.8 billion in cumulative royalties to the Provincial Government as of March 31, 2017 
 
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1.7 billion barrels of oil produced since 1997

(Source: Advance 2030: A Plan for Growth in the Newfoundland and Labrador Oil and Gas Industry)