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A 25 billion barrel basin is proved to be in Canada

A large oil and gas deposit has been discovered in the province of Newfoundland and Labrador.

24.Aug.16 6:03 PM
By Alesya Davydova


A 25 billion barrel basin is proved to be in Canada

A large deposit holding as many as 25.5 billion barrels of oil and 20.6 trillion cubic feet of gas has been discovered in the Canadian province of Newfoundland and Labrador, according to the results of new tests on the coastal areas of the region with the help of the 3D survey.

Citing the regional government, reports that the West Orphan basin will be divided into sections, opening the areas up to private exploration and production.

“The 2016 independent oil and gas resource assessment adds to our growing knowledge about our offshore oil and gas potential—leading to more exploration work by global companies and giving us assurance that we will have a thriving oil and gas industry in Newfoundland and Labrador for many years to come,” said the premier of Newfoundland and Labrador Dwight Ball. “We do recognize that exploration is down globally due to current challenges in the oil and gas industry. Still, we are cautiously optimistic about positive results of the licensing round in November 2016.”

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