Offshore oil drilling equipment. - SaltWire file photoST. JOHN'S, N.L. — A recent article by international energy news website Oilprice.com lists an offshore Newfoundland exploration project among the Top 5 in the world most likely to “shake up the market” in 2023 and beyond.
“The Cape Freels exploration well has been the talk of the town for quite some time, Eastern Canada’s oilmen have been mulling over its frontier-opening possibilities at least since 2019,” the article states. While seismic work done in the last four or five years has been interpreted as very positive, he said, the real proof can only come through drilling.
Equinor Canada has stated that a final investment decision could take place within a couple of years. If the project is sanctioned, first oil could be achieved as early as 2028. Bay du Nord’s reserve estimate is up to one billion barrels.