East Coast and Arctic Canada upstream: 2015 in review
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.