Economic News Affecting St. John's

[statbass]

We are constantly hearing negative news about our economy - important news to hear nonetheless. However, I like to post about positive news in this thread, maybe try to balance it out a bit.

The Telegram
Date: Oct 4, 2019

Natural Resources Minister Siobhan Coady released the 2019 oil and gas resource assessment results Thursday which identify an additional three billion barrels of oil and 5.8 trillion cubic feet of gas potential offshore Newfoundland.

According to a news release, in total there is a combined resource potential of 52.2 billion barrels of oil and 199.6 trillion cubic feet of gas in just nine per cent of the province’s offshore. The assessment was conducted by Beicip-Franlab, a leading independent company in doing resource assessments globally.

“The purpose of embarking on this annual independent resource assessment is to broaden our understanding of the underexplored frontier basins and add to our geotechnical knowledge of the area,” Coady said.

“The resource potential in our offshore is incredible. We have over 650 leads and prospects identified to date, eight new entrants in the past three years, and $4 billion in recent exploration work commitments.

“We will continue to position the province as an internationally preferred location for oil and gas exploration and development – one that values safety and environmental responsibility and maximizes benefits to the people of the province.”
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https://www.thetelegram.com/business/loc...ore-oil-gas-reserves-offshore-nl-359918/