- $3.3 billion - in industry spending on exploration and development in 2015
- $570 million - estimated payments to the province from offshore oil production in 2015/16
- $20 billion - estimated royalty payments to the province from offshore oil production between 1999-2015
- 13% - share of total provincial revenues coming from oil royalties in 2015/16
- 200,000 - barrels per day of oil produced in the first quarter of 2016
With significant deposits of crude oil, Newfoundland and Labrador is currently producing about 200,000 barrels of oil per day from its current offshore oil projects – Hibernia, Terra Nova, White Rose. Newfoundland and Labrador's fourth offshore oil development, Hebron, is under development and expected to begin production in 2017.
Three billion barrels of oil and 11 trillion cubic feet of natural gas have been discovered in Newfoundland and Labrador to date. The Government of Newfoundland and Labrador estimates that six billion barrels of oil and 60 trillion cubic feet of natural gas remain undiscovered. The province has seen significant exploration activity in recent years, and exploration interest continues. In 2013, exploratory work in Newfoundland and Labrador's Flemish Pass basin resulted in one of the largest discoveries in the world at that time.
Offshore operators are committed to the safe and responsible development of Newfoundland and Labrador's oil and gas resources.
Newfoundland and Labrador's first onshore exploration well was drilled in 1867 at Parsons Pond in Western Newfoundland. In the mid-1990s exploration interest and activity onshore increased. From 1994 to 2012 40 onshore wells were drilled. Several companies hold exploration permits and leases but to date there is no commercial oil or natural gas production onshore in the region.
In October 2014 the Government of Newfoundland and Labrador appointed an independent panel to conduct a review of the socio-economic and environmental implications of hydraulic fracturing in western Newfoundland. The review is ongoing and until it is complete, the Government of Newfoundland and Labrador will not be accepting applications for hydraulic fracturing activity. CAPP supports a scientific, evidence-based review of hydraulic fracturing to help build public understanding of the technology and processes industry uses to explore for and develop onshore oil and natural gas resources.