Nalcor Energy has developed and is executing an Exploration Strategy based on global best practices to find and deliver new oil and gas resources for the benefit of the people of Newfoundland and Labrador.
Nalcor’s Role in Exploration
As the provincial energy company, Nalcor Energy undertakes strategic investments in new data acquisition and analysis at the front end of the exploration cycle to enhance knowledge of the prospectivity of offshore Newfoundland and Labrador’s frontier basins, open new areas to industry exploration, and increase Newfoundland and Labrador’s global competitiveness to attract exploration investment. Nalcor is not competitive with industry and therefore does not participate in bidding on land. Nalcor participates on behalf of the province in future projects through equity ownership in new successful developments.
Nalcor’s Systematic Approach
Nalcor Energy takes a systematic and scientific approach to evaluating Newfoundland and Labrador’s frontier basins. Through its proprietary Nalcor Exploration Strategy System (NESS), Nalcor consistently evaluates all of Newfoundland and Labrador’s basins (over 20) on the key elements that make up a commercial grade petroleum deposit. This process identifies critical knowledge gaps that may exist and highlights key risks holding back industry investment.
Nalcor will continue to make investments and design geoscience programs to address the key risks in a basin-by-basin approach. As more is learned about a region, some basins will likely look less prospective – a reality of exploration. However, by guiding investments and activity strategically, Nalcor is positioned to make the right investments at the right time to unlock the next areas of offshore Newfoundland and Labrador that may contain material prospectivity, ultimately delivering new resources for the benefit of the people of Newfoundland and Labrador.