2015 License Round Area – Flemish Pass
Nalcor Energy Oil and Gas Inc. in collaboration with the Newfoundland and Labrador Department of Natural Resources engaged Beicip Franlab – a third party consultant, to conduct an independent Resource Assessment of the Flemish Pass Area. The objective of this project was to conduct a basin analysis, play risk analysis and resource assessment for the area subject to the upcoming license round NL15_01EN. The resource assessment is based on the 5km x 5km seismic grid from the Nalcor invested TGS/PGS North East Newfoundland Slope acquisition (2012-2014 vintage). This seismic grid covers the eleven parcels defining the NL15_01 Call for Bids in the Flemish Pass Basin in the first ever scheduled license round closing November 2015.
This marks the first time in Newfoundland and Labrador’s history that detailed oil and gas resource numbers will be released in advance of a license round closing, ensuring the global industry and the Newfoundland and Labrador public have a scientifically quantified view of the oil and gas potential of the blocks on offer.
Future license rounds scheduled for 2016, 2017 and beyond will follow the same robust scientific process with detailed resource assessments being conducted yearly over the call for bid areas , with results released prior to bid closing.