NL Ranked as the Most Attractive Canadian Province for Oil and Gas Investment
Newfoundland and Labrador ranks as the most attractive Canadian jurisdiction for oil and gas investment and fourth globally out of 97 jurisdictions in the annual global survey of petroleum-sector executives released by the Fraser Institute.
Continued investment in oil and natural gas exploration and development is critical to the provincial economy. Work is also continuing with the Oil and Gas Industry Development Council, chaired by the Minister of Natural Resources, which is integral to creating conditions for increased offshore exploration and development, ensuring certainty and maintaining an attractive and stable business environment for operators and investors.
Offshore Newfoundland and Labrador is considered one of the best frontier regions in the world today with over 20 basins, significant new basin areas, and now over 650 leads and prospects defined as a result of ongoing seismic work. There have been seven new entrants offshore since the Call for Bids in November 2015. Currently there are over $2.5 billion in work commitments in exploration and with Hebron producing first oil this week, there are now four producing projects offshore Newfoundland and Labrador.
Newfoundland and Labrador’s score improved this year, increasing its overall ranking from 25th (of 96) in 2016 to fourth (of 97) in 2017.