When was oil discovered in Newfoundland?

Oil workers discovered Newfoundland and Labrador’s first commercial offshore oilfield in 1979 after about 13 years of exploratory drilling in offshore waters.

Where are most of the oil reserves found in the world?

Venezuela is the leading country in terms of oil reserves, with over 304 billion barrels of oil beneath its surface. Saudi Arabia is a close second with 298 billion, and Canada is third with 170 billion barrels of oil reserves.

What happened Newfoundland oil?

There were approximately 22 million barrels of oil extracted from offshore Newfoundland and Labrador between January and March 2022, representing a decline of 11.7% over the same period in 2021. The corresponding value of production increased by 46.4%, as higher prices more than offset the production decline.

Are there oil rigs off the coast of Canada?

Active Projects on the East Coast Of Canada Newfoundland and Labrador: There are three oil projects offshore. These are Hibernia which is operated by Hibernia Management and Development Company Ltd, Terra Nova operated by Suncor Energy, and White Rose operated by Husky Energy.

Where does Newfoundland offshore oil go?

In 2019, Canadian crude oil was exported from Newfoundland and Labrador and Alberta to international locations, such as the United Kingdom (27 113 b/d), the Netherlands (26 839 b/d), Italy (15 611 b/d), China (9 660 b/d), and four other international locations.

Who owns Bay du Nord?

BP makes move into N.L. offshore with stake in Bay du Nord Husky was acquired by Cenovus in a deal that closed 17 months ago. BP partnered with Equinor in two other Bay du Nord discoveries — Cappahayden and Cambriol East — in 2020, and further exploration is ongoing this year.

Does Nova Scotia have oil?

Our province has a wide range of oil and gas resources both onshore and offshore. Offshore Nova Scotia is a proven oil and gas rich region with an estimated potential for more than 120 trillion cubic feet of natural gas and 8 billion barrels of oil. This creates exciting prospects for both investors and explorers.

Where is Canada oil rig located?

Hibernia is located in the Jeanne d’Arc Basin, 315km east of St John’s, Newfoundland and Labrador, Canada, in a water depth of 80m.

What’s happening with offshore oil in Newfoundland and Labrador?

There’s cautious optimism among those in the Newfoundland and Labrador offshore oil sector about a potential new discovery, but the company at the centre of it all is low-key about the situation. The semi-submersible drilling rig Transocean Barents is seen at Bay Bulls, on Newfoundland’s Southern Shore, in March 2020.

How likely is 52 billion barrels of oil in Province’s offshore?

But she’s encouraged by the news, and is not surprised, saying seismic and other geoscience investigations have revealed the likelihood of 52 billion barrels of oil in the province’s offshore. “I’m very hopeful that Equinor has made that discovery and there is either the potential of a tieback or standalone discovery.

What happened to Equinor’s Bay du Nord oil project?

With oil prices collapsing, Equinor announced in March that it was deferring the Bay du Nord project, which would be the province’s first deepwater oil producing field, and the first outside of the Jeanne d’Arc Basin.

Where is the Transocean Barents drilling in Newfoundland?

The semi-submersible drilling rig Transocean Barents is seen at Bay Bulls, on Newfoundland’s Southern Shore, in March 2020. The rig is now drilling in the Flemish Pass for Equinor and its partners. (Submitted by Neville Webb)