Newfoundland finds new vigour
The island’s offshore oil industry is rebounding after a sustained lull
Newfoundland and Labrador’s (NL) offshore oil industry is on an up-curve, with production again on the rise, resource potential and investment dollars growing, and new projects in the pipeline. After declining for almost a decade, the industry’s future is looking increasingly bright, but challenges remain. Resource potential The NL government released in early October its annual 2019 Oil and Gas Resource Assessment, an independent study of the province’s resource potential performed by consultancy Beicip-Franlab and the province’s crown corporation Nalcor Energy. The assessment focused on new data covering nine parcels on offer in the Carson-Bonnition and Salar Basins for this year’s licensi
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Sound development planning is essential in this diverse and rapidly evolving region
