The Past, Present and the Future of Petroleum Exploration in Newfoundland and Labrador

Phonse Fagan
Government of Newfoundland and Labrador, st. john's, NF

The oil industry became wise to the petroleum potential offshore Newfoundland and Labrador in the early 1960s, and first drilling occurred in 1966. Since then 133 exploration wells have been drilled, resulting in the discovery of 2.1 billion barrels of recoverable oil, 9.6 TCF of natural gas and 436 million barrels of natural gas liquids. Exceptional flow rates have been achieved from the Hibernia and Terra Nova reservoirs, far out performing initial estimates and paying dividends for the operators in a time of high oil prices. The major discoveries on the Grand Banks have been found in Late Jurassic and Early Cretaceous Sandstones, with rift related faulting providing the primary trapping mechanism. All of the discoveries considered large enough for stand alone development were found during an active exploratory drilling cycle that began with the discovery of Hibernia in 1979 and died out after the price drop of 1986. Since that time exploratory drilling has remained at low levels, and the next big play has eluded the industry. This paper will review what has happened and attempt to address where we are headed in terms of exploration and development in the Newfoundland and Labrador offshore area.

AAPG Search and Discovery Article #90039©2005 AAPG Calgary, Alberta, June 16-19, 2005