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Commodity Pricing

2021 Independent Resource Assessment Released

Results of the 2021 Independent Resource Assessment show a potential of 21.9 billion barrels of oil equivalent (P50 unrisked volumes) in the Labrador South Region.

October 20, 2021: This is the first exploration round for the newly imaged and defined Chidley Basin off the coast of Labrador. Ten of the parcels in the Labrador South Region are the focus of the 2021 Independent Resource Assessment released today by OilCo, the Government of Newfoundland and Labrador and Beicip-Franlab.

The basin model completed by Beicip-Franlab shows high oil and gas potential in a large number of structural and stratigraphic traps.

While the region is within an unexplored and undrilled basin, the high-quality seismic data shows significant geophysical qualities that are indicative of a multiphase gas and oil prone system. These include gas chimneys, bottom simulating reflectors and seismic amplitude responses.

The region is covered by a dense 5km by 5km 2D seismic grid acquired by TGS and PGS. Two 3D seismic surveys, acquired by PGS in 2019 and 2020, partially cover five of the blocks. All seismic was incorporated into the 2021 resource assessment.

Established in 2020 by the Government of Newfoundland and Labrador from Nalcor Energy-Oil and Gas, OilCo focuses on attracting new investments to the oil and gas industry in Newfoundland and Labrador and maximizing returns through equity investments—positioning this province as a globally preferred location for development. In 2010, our team began making strategic investments in new data acquisition and analysis so we can better understand the potential in our province’s offshore basins.

View the 2021 Resource Assessment here.

Source: OILCO | This text was excerpted from the media outlet cited October 21, 2021 and is provided to Noia members for information purposes only. Any opinion expressed therein is neither attributable to nor endorsed by Noia.