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article imageProvince unveils plans to double offshore oil production by 2030

By Karen Graham     Feb 19, 2018 in Technology
St. John's - Newfoundland and Labrador has announced a 12-year plan to speed and enhance the development of its offshore oil and gas resources.
Along with members of the Oil and Gas Industry Development Council, and Siobhan Coady, Minister of Natural Resources, Premier Dwight Ball announced the release of Advance 2030 at The Rooms in St. John's on Monday.
On introducing the plan, Premier Ball said, "Our government is committed to working collaboratively to ensure responsible development of our oil and gas industry. The time is now to action Advance 2030 to grow the industry for the benefit of Newfoundlanders and Labradorians.”
The province's 12-year plan focuses on growing its offshore oil and gas industry by 2030 through shortening the development time of projects. This will involve a review of current regulations and advance tie-back technology to allow more extraction at existing sites with less cost, according to CTV News.
The Oil and Gas Industry Development Council was established just before Christmas in 2016 as the province continued to deal with the prolonged slump in oil prices. The council held meetings every month, discussing opportunities and actions required to grow the oil and gas industry.
In an interview in 2016, Coady said the council would, “focus on strategic improvements. We want to look at a vision for the province with a foundation of success built on excellence and innovation.”
The Muskrat Falls hydroelectric development on the lower Churchill River in Labrador includes constr...
The Muskrat Falls hydroelectric development on the lower Churchill River in Labrador includes construction of an 824 megawatt (MW) hydroelectric dam on the lower Churchill River in Labrador, and more than 1,500 km of associated transmission lines and infrastructure that will deliver electricity to homes and businesses in Newfoundland and Labrador.
Nalcor Energy
As a result of the year-long look into ways to improve the province's oil and gas sector, the council came up with 17 recommendations the government has accepted.
The 17 focus areas include immediate, mid-term and long-term actions. including enhanced subsea and seismic technology to develop what it estimates is an offshore oil potential of at least 37 billion barrels.
By 2030, the province envisions:
Over 100 new exploration wells drilled;
Multiple basins producing over 650,000 barrels of oil equivalent per day;
Shortened time from prospectivity to production;
Direct employment of more than 7,500 people in operations;
A robust, innovative global supply and service sector;
Commercial gas production; and
Renewables and oil and gas integrated in a world-class energy cluster.
“Newfoundland and Labrador has tremendous opportunity in offshore oil and gas. By focusing on our competitiveness, driving exploration, ensuring innovation and working together we will achieve the vision we all want of a thriving, growing oil and gas industry," said Coady.
More about Newfoundland and labrador, offshore oil and gas, Technology, natural gas reserves, 12year plan