Canada's offshore weathering the storm
The Maritimes’ offshore is still plugging on with developments and withstanding tricky conditions
DESPITE a string of promising discoveries, Canada’s offshore has been a mix of promise and disappointment as major players grapple with falling oil prices. After making three of the largest finds in recent memory at Bay du Nord, Harpoon and Mizzen in the deep-water Flemish Pass, Norwegian state oil company Statoil is winding down exploration efforts off the coast of Newfoundland and Labrador as it cuts global staff counts and reigns in costs. Bay du Nord, estimated to contain 300m-0.6bn barrels, was the largest offshore find in the world when it was announced in 2013. Mizzen is estimated at 200m barrels. A third discovery at Harpoon has yet to be delineated. Mizzen is a joint venture wit
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US LNG exporter Cheniere Energy has grown its business rapidly since exporting its first cargo a decade ago. But Chief Commercial Officer Anatol Feygin tells Petroleum Economist that, as in the past, the company’s future expansion plans are anchored by high levels of contracted offtake, supporting predictable returns on investment
