East Coast and Arctic Canada upstream: 2015 in review Report

Insight 11 January 2016

This report is currently unavailable

Share link

First name
Last name
Job Title
Company
Email
Telephone

Country

Message

Consent

Please keep me informed about Wood Mackenzie products, services and events.

Submit Category

For details on how your data is used and stored, see our Privacy Notice.

- FAQs about online orders
- Find out more about subscriptions

Report summary

Despite the harsh economic environment and massive cutbacks throughout the upstream sector in 2015, activity pressed on in Atlantic Canada. Construction continued at Hebron, as with Statoil and Husky's Flemish Pass appraisal programme. Indeed, the region's future looks even brighter following an active bidding round in Newfoundland which was preceded by the government's announcement of a new royalty framework. Exploration activities stretch further east as companies move to capitalise on the resource potential of the Flemish Pass Basin. After nearly a decade, exploration resumed offshore Nova Scotia as Shell launched its anticipated Shelburne Basin Exploration Project. Unlike the East Coast, the Arctic was a different story. Supermajors with acreage positions and previous exploration plans have halted activity. The production outlook in the region is bleak due to shut-ins and technical difficulties. Imperial Oil's Norman Wells is now the only producing field in Arctic Canada.

Executive summary
Exploration
- Atlantic Canada saw a surge in exploration drilling compared to 2014
Fiscal and leasing
- New royalty framework for Newfoundland and Labrador
- Land sale results
Production and Development
- Production slowing offshore Nova Scotia
- Developments at Jeanne d'Arc
- Activity halts in Arctic Canada
Other developments
- Materiality of UNCLOS Article 82
- BG moves into Atlantic Canada
- Fracking restrictions
- Developments at Anticosti Island