Nalcor finds three new basins off Labrador

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Potential to be oil-bearing, says Nalcor CEO

Ed Martin

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 Holton 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.

More in Friday's full edition of The Telegram.

 

 

Organizations: Nalcor Energy, Newfoundland and Labrador Oil and Gas Industries Association, NOIA Sheraton Hotel Newfoundland.More

Geographic location: Labrador

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Recent comments

  • MB
    January 31, 2013 - 21:22

    Duh.....Anyone recall that every year there can be upto 10-15 metres of arctic ice on the coast of Labrador? Just checking...

  • J
    January 31, 2013 - 16:17

    NFLD better start investing in heat ray technology to meet the massive icebergs up in that area, lol, cause until they stop calfing off glaciers nothing doing up that way. There has been oil and mostly gas stranded off Labrador for decades. Nothing new here.

  • fuhrer
    January 31, 2013 - 15:25

    Just watch Denmark / Greenland try to lay claim to it as they do with Hans Island in Canadian waters up in the Artic to get Canadian resources.

  • Don
    January 31, 2013 - 14:03

    NALCOR should partner (50/50) with an oil company and share the profit. The revenue would pay for Muskrat Falls and help develop the Lower Churchill.

    • bill
      January 31, 2013 - 18:35

      Never mind partner WE should do it on our own make all the profit for the people of NL...with a good chunk going to social programs.

  • W Bagg
    January 31, 2013 - 14:00

    Tom, there is a little bit, just a little bit of expertise in getting oil out of the ground.

  • brian
    January 31, 2013 - 13:52

    Better check with trhe Natives in Labrador to see if we can develop it. They think they own everything up there. Time to put an end to that foolishness. They need to forget about living in the past and join the 21st century.

    • Kev
      January 31, 2013 - 21:16

      Better "them", than the Nflders who think they own everything "up there". Sick of the colonial attitude.

  • tom
    January 31, 2013 - 13:14

    Pay for test drilling and then when we find a few billion barrels, build or lease a rig and drill it ourselves. Why let a private company take the profits. Let’s make the extra billions for us.

    • bill
      January 31, 2013 - 18:47

      Wbagg=wind bagg I presume... 100% right Tom, We the people of NL will hire the people we need and probably NL'ers to get the oil out of the ground time to take charge of our resources.