Canadian province seeks oil and gas growth

The government of Newfoundland and Labrador has published a plan for oil and gas industry growth that envisions the drilling of more than 100 exploration wells and a doubling of oil and gas production by 2030. An industry-government group called the Oil & Gas Industry Development Council developed the plan, Advance 2030.

The government of Newfoundland and Labrador has published a plan for oil and gas industry growth that envisions the drilling of more than 100 exploration wells and a doubling of oil and gas production by 2030.

An industry-government group called the Oil & Gas Industry Development Council developed the plan, Advance 2030.

The document targets oil and gas production of more than 650,000 boe/d by 2030. Current oil production, from four offshore fields, is about 210,000 b/d.

Stressing collaboration and innovation, the plan identifies these “focus areas”:

Immediate (within 24 months): Drive exploration, modernize the governance structure, ensure global competitiveness, enhance local supply chain, accelerate development, support innovation, increase industry promotion, and “workforce of tomorrow.”

Midterm (2022): Develop basin-specific plans, expand integrated operations, develop a natural gas development plan, and supply and service diversification.

Long term (2030): Commercial natural gas production, sustained energy production, exploitation of value-added opportunities, supply and service industry growth, and “world-class energy cluster.”

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