Nalcor finds three new basins off Labrador

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Potential to be oil-bearing, says Nalcor CEO

Ed Martin

Early exploration work conducted by Nalcor Energy has resulted in the identification of three new potentially oil-bearing basins offshore Labrador.

In a presentation by Nalcor president and CEO Ed Martin, it has been revealed not one, but three new offshore areas have been identified in deepwater areas off Labrador.

Martin said it will not be known what is contained in the now-named Henley Basin, the Chidley Basin and the Hopedale Basin until exploratory drilling is conducted by oil companies, but early exploration work and analysis suggests the basins could contain oil rather than large gas structures, as previously discovered off the Big Land.

Martin's presentation was made during the annual general meeting of the Newfoundland and Labrador Oil and Gas Industries Association (NOIA) at the Sheraton Hotel Newfoundland.

Organizations: Nalcor Energy, Martin's, Newfoundland and Labrador Oil and Gas Industries Association NOIA Sheraton Hotel Newfoundland

Geographic location: Labrador

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Recent comments

  • Stuart Pearce
    February 02, 2013 - 09:52

    Once again a trustee of the people of NL, poised to give away more of our resources, to the first Corpration to sink a drill bit, and all under the watch of our illustrious and misguided Government, who are ALL Trustees, and in serious breach of the trust. Breaking a trust comes under the Criminal Code of Canada, and any breach, no matter what , carrys a Jail term. THEY WILL AND SHALL be Prosecuted under those terms. Papers will be drawn up shortly, for their Prosecution, and the people of this land need to wake up!!!