It's important for governments to have an idea of the resource potential in the lands and waters it controls, as these resources hold the potential for long-term jobs, economic growth and tax revenues. It's why the government of Newfoundland and Labrador supports up-to-date resource assessments based on independently gathered exploration data of its offshore.
This September, Newfoundland and Labrador Minister of Natural Resources Siobhan Coady announced an update on the independent resource assessment for the province's offshore. The latest data identifies an additional 11.7 billion barrels of oil and 60.2 trillion cubic feet of gas potential. In total, there is a combined resource potential of 49.2 billion barrels of oil and 193.8 trillion cubic feet of gas that's been found—and that's only looking at seven percent of the province's total offshore area.
The 2018 independent resource assessment is based on new data covering parcels on offer in the Orphan Basin and the East Jeanne d’Arc Basin. 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 area. This has led to multiple leads and prospects for further exploration and possible development.
The assessment ties with the government's stated priority 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.
"We will continue to position our province as an internationally preferred location for oil and gas exploration and development,” said Minister Coady in a statement.