Canada (East Coast) Grand Banks exploration basin Report

Asset Report 21 December 2020

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Report summary

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 will mostly focus on near-field prospects. In the Flemish Pass deepwater sector, movement of Bay du Nord towards FID, along with recent acreage licensing, should spur another wave of exploration. Most recently, frontier western and eastern Orphan blocks were licensed, some by newcomers to the region. 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.