Potential to be oil-bearing, says Nalcor CEO
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.