Atlantic Canada year in review: east coast rally? Report

Insight 03 February 2017

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Report summary

After a tumultuous year, offshore Newfoundland and Labrador emerge the rout with a successful lease sale, anticipated exploration programs and continued development drilling. Just over 15,000 square kilometres of Atlantic acreage was awarded in the 2016 offshore Newfoundland and Labrador lease sale. Statoil and Husky concluded it's nearly two-year exploration program in the Flemish Pass, following-up by announcing another ten year program expected to begin in 2018. Drilling activity and rig contracts at on-stream developments signal another strong year for production. Offshore Nova Scotia had a more discouraging year. The lease sale concluded with no successful bids, and the much anticipated Shelburne Exploration Program in the Scotian Shelf suffered cost overruns, technical difficulties and the first of two wells reported non-commercial.

Executive summary
Exploration
- Statoil and Husky wrap up 19 month drilling program
- Dry holes for Shelburne Basin Exploration Program in Nova Scotia
Fiscal and leasing
Production and development
- Hebron remains on track for 2017 start-up
- Hibernia reaches one billion barrels
- Terra Nova revival
Other developments
- Bill 106: shale resurgence in Québec?
- Quiet on the Arctic front
- Offshore licenses trade hands