The province’s energy corporation, Nalcor Energy, undertakes and partners in geoscience initiatives to enhance understanding of Newfoundland and Labrador’s offshore basins and ultimately attract global exploration investment. Their satellite seeps study and extensive 2D seismic survey, for example, led to the discovery of three new deepwater basins off Labrador in 2013 and increased the size of the previously discovered Hawke Basin.
Independent offshore assessments commissioned by Nalcor Energy have identified 49.2 billion barrels of oil potential and 193.8 trillion cubic feet of gas potential within the offshore areas offered in the 2015 to 2018 land sales. Additionally, a new lower tertiary play trend was identified. These land sale areas, in total, represent less than seven per cent of Newfoundland and Labrador’s offshore basins, which are 45 per cent larger than Norway’s, 67 per cent larger than the United Kingdom’s and 1.5 times larger than the Gulf of Mexico.
In 2015, Nalcor launched its Exploration Strategy System (NESS), a map-based geoscience data management tool that allows users to examine the oil & gas potential of Newfoundland and Labrador’s offshore. NESS uses state-of-the-art, map-based technology that allows users to display, filter and analyze a vast array of available geoscience data and information and then export the results to meet their needs.
Visit Nalcor’s Exploration Strategy System (NESS).