Newfoundland and Labrador
Canada's Offshore Oil Producing Region
Located in eastern North America, the Province of Newfoundland and Labrador is Canada’s offshore oil producing region. Since first oil over twenty years ago, the province has produced in excess of 2.1 billion barrels of oil.
Hebron, our 5th development, with first oil in November 2017, is located in the Jeanne d'Arc Basin, approximately 350 kms south east of St. John's, NL. The field has estimated recoverable oil reserves of 707 million barrels.
Equinor has announced several oil discoveries in the Flemish Pass Basin. The Canada Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) estimates that Bay du Nord, Baccalieu, Mizzen and Harpoon fields contain oil resources of 407, 45, 102 and 40 million barrels of oil, respectively. A development framework for the Bay du Nord project is in place, and as of April 2022, the Environmental Assessment has been approved.
Our Scheduled Land Tenure System divides the offshore into eight regions based on the level of historical exploration activity. Scheduled licensing rounds are held in each region, on either a one, two or four year cycle, allowing time for explorers to evaluate the resource potential and opportunities.