Grand Banks' Jeanne d'Arc basin No. 1 hot spot for Canada's remote offshore E&D

The remote Grand Banks area off Newfoundland continues to be Canada's top offshore exploration and development hot spot, with activity still focused on oil prospects in the prolific Jeanne d'Arc basin. The region also has substantial natural gas reserves, but most analysts put first gas deliveries 7-10 years away.Explorationists have sunk more than 115 wells in the Grand Banks area to date and identified proven crude oil reserves of more than 2 billion bbl. The Grand Banks covers about 330,000 sq miles, with water depths mostly at 200-600 ft.The Canada-Newfoundland Offshore Petroleum Board in May increased its estimate of discovered reserves off New foundland and Labrador to 2.1 b...

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