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Offshore exploration expected to increase significantly

ST. JOHN'S, N.L. - The Newfoundland Offshore Industry Association says it expects to see exploration increase significantly in the next few years.


ST. JOHN’S, N.L. – The Newfoundland Offshore Industry Association says it expects to see exploration increase significantly in the next few years.

Association president Bob Cadigan says he’s hopeful Statoil’s decision to begin exploration drilling this summer will help attract more international attention to the province’s offshore.

Cadigan says the Canada-Newfoundland and Labrador Offshore Petroleum Board’s move towards a scheduled land sale process is also positive, and follows the same pattern used in other parts of the world.

Norway-based Statoil plans to begin exploration to determine whether to develop an offshore oilfield believed to hold up to 600 million barrels of recoverable crude.

The company says the drilling will likely take place between July and September and span 18 months in the Flemish Pass Basin.

It was the third find in the Flemish Pass Basin in the North Atlantic and was described as the 12th largest oil discovery in the world in the past four years.

Copyright (c) 2014 The Canadian Press