The Canada – Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) estimates the province’s remaining offshore reserves and resource potential total 2.5 billion barrels of oil and 12.6 trillion cubic feet of natural gas. The key to unlocking this potential is the need to attract investment and encourage exploration and development.
In addition to the potential resource base, companies consider the overall business climate and fiscal terms (royalty regime, benefits requirements, etc.) when deciding where they should invest. It is critical that Newfoundland and Labrador remain competitive with other offshore jurisdictions in order to continue attracting investment.
Safety and Environmental Protection
Canada’s oil and gas industry is one of the most innovative and responsible in the world. The companies exploring for and producing oil and natural gas in Newfoundland and Labrador’s offshore basins meet or exceed all regulatory requirements related to safety and environmental protection. Spill prevention and response and GHG emissions reductions are key environmental focus areas for the industry. Newfoundland and Labrador’s offshore oil and natural gas operations represent 1.1 per cent of Canada’s oil and natural gas industry’s GHG emissions.