How Will Newfoundland Double Oil Production?

While Alberta is Canada's flagship oil producer, Newfoundland and Labrador has unveiled plans to ramp up production and double output by 2030. The drive will be powered by targets of 100 new exploration wells, plus a timeline of 10 years for the discovery to production process. Ultimately, the ambitious 12-year plan will see the Canadian province enjoy an offshore oil and gas boom, with profits to match.

The province will start by reviewing regulations, which will allow it to expand its oil and gas presence and attract coveted global investment. There will also be a focus on enhancing seismic data and advancing cost-saving tie-back technology, which will allow producers to extract more oil from existing wells. The goal is to increase overall production by 50%, which would see Newfoundland and Labrador clocking over 650,000 barrels a day by 2030.

“We can wait no longer,” says NFLD premier

According to Premier Dwight Ball, the drive will play a key role in helping the province manage rising debt and successive deficits. “We can wait no longer,” he stated in a recent press conference. “We are at a critical point. The time for action is now.”

Currently, four major oil sites operate off the coast of Newfoundland. Heavy investment in subsea and seismic technology will help the province tap into around 37 billion additional barrels of offshore oil potential. Untapped natural gas reserves are also in the spotlight, with Ball maintaining that the province plans to create a “world-class energy cluster” by integrating oil and gas with renewable sources.

Province set to target big-ticket investment opportunities

ExxonMobil Canada is definitively onboard, with company president Carman Mullins confirming that the province will be leveraging big-ticket investment opportunities. “Every opportunity needs to be competitive on a global scale,” she asserts. An environmental conscience will also be a top priority. “Having regulations that provide clarity, as well as are efficient and effective, are key. We need to develop the resources as well as protecting the environment," she adds.

New technologies will also be a major driver, with Mullins championing efficiency, creativity and innovation. “We’re looking at how can you do things more efficiently? How can you leverage technology? How can you be creative and innovative and bring new research together?”

Want to know more about the latest oil and gas technologies that could help Newfoundland and Labrador boost production? Don't miss 'Bellows Pumps as the Foundation for Process and Emissions Analysis Sending Sample Gas Well on its Way.'