Atlantic Canada is a strong and growing frontier, but there is an enormous offshore area that has never seen the drill bit. "We're very much under-explored," said Leslie Galway, president and CEO of Newfoundland Ocean Industries Association. Galway was among 15 speakers from the oil and gas industry to address the NOIA-sponsored East Coast Canada Oil & Gas Exploration seminar in St. John's, Newfoundland, Nov. 15.
Over $4 billion has been spent on drilling alone offshore Newfoundland since the 1960s, said Galway. With the Hibernia and Terra Nova fields in production and White Rose scheduled to come onstream in 2005, Newfoundland has established itself as an oil and gas province. With no commercial discoveries since the 1980s, however, the province is looking forward to additional exploration drilling in the near future.
Late last year. the boundary dispute between Nova Scotia and Newfoundland was officially resolved, freeing up acreage in the Laurentian basin. Once legislation is passed, work can begin on the blocks. That cannot happen quickly enough to suit Newfoundlanders. "We're anxiously, anxiously, anxiously awaiting new leases in the Laurentian basin," said Galway.
Courtesy Nantucket Current
Courtesy Fugro
Courtesy Beach Energy
Courtesy RWE
Courtesy NAM BV Assen LinkedIn
