Posted Jan 31, 2013, 7:15 PM
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Join Date: May 2011
Location: St. John's
Posts: 1,650
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Nalcor finds three new basins off Labrador
The Telegram
Jan 31, 2013
Author: unknown
Quote:
Early exploration work conducted by Nalcor Energy has resulted in the identification of three new potentially oil-bearing basins offshore Labrador.
In a presentation by Nalcor president and CEO Ed Martin, it has been revealed not one, but three new offshore areas have been identified in deepwater areas off Labrador.
Martin said it will not be known what is contained in the now-named Henley Basin, the Chidley Basin and the Holton Basin until exploratory drilling is conducted by oil companies, but early exploration work and analysis suggests the basins could contain oil rather than large gas structures, as previously discovered off the Big Land.
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This development is obviously in its infancy and may surmount to nothing, but nonetheless the potential is there and that's great news. More exploration will lead to more significant finds. 
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