Newfoundland and Labrador(NL), Canada is rich in oil and oil-potential.
ExxonMobil Corp., Husky Energy Inc., and Suncor Inc. are the primary operators of current offshore oil projects, with Chevron Corp. and Equinor ASA (formerly Statoil ASA) also involved.
While a relatively new entrant to the global oil industry, the potential for significantly more oil offshore NL is now being evidenced by $4 billion in new exploration commitments from both new and existing operators.
New entrants — including China’s CNOOC Limited (formerly Nexen), BP Plc., HP Group Ltd. out of Australia, and Houston-based Navitas Petroleum — have now joined the five(5) existing oil and gas players in holding exploration licences.
NL is now ranked as one of the best regions in the world with respect to Yet to Find (YTF) oil & gas pool size distribution, while also being located in a safe and secure region, just off the east coast of Canada.
ExxonMobil is currently drilling in the Flemish Pass, the first exploration associated with the new licencing setup. The other eight licence holders are expected to start their new hunts as early as this year, as well as through 2021 and 2022.
Independent research assessments have identified potential for 52.2 billion barrels of oil and 199 trillion cubic feet of natural gas, all within areas that make up just nine per cent of the province’s offshore area, which totals 1.8 million square kilometres.
StratCan as an Commercial Agent, seeks to represent offshore equipment and technology service companies in NL. It is also positioned to provide independent consulting services with respect to NL market intelligence and upcoming market opportunities.
StratCan is positioned to represent oil industry suppliers located elsewhere in North America, the UK or the EU that wish to participate in this offshore oil opportunity.