The Grand Banks is a passive margin basin off the coast of Newfoundland and can be divided into three distinct sub-basins: the mature Jeanne d'Arc, and the frontier Flemish Pass and Orphan. Drilling in the Jeanne d'Arc has been focused on near-field discoveries and developments, while recent exploration licensing has been focused on the Flemish Pass deepwater sector following discoveries totalling approximately 650 mmboe. Most recently, frontier western Orphan blocks were licensed. Vast areas across the Flemish Pass and Orphan sub-basins remain unexplored and are believed to contain world-class oil prospects. Harsh conditions, the remote location and water depths that range up to extreme depths will present numerous challenges to operators. Despite all these challenges, there is opportunity to create value in the basin.