The Vice President of oil and gas with Nalcor is touting the potential of a new prospect in Newfoundland’s offshore Orphan Basin.
Jim Keating says the Raleigh prospect is about 300 square kilometres in size, more than double that of Hibernia.
He says Hibernia, in comparison, sits in an area of 150 square km. He says it’s one of a couple of dozen sizeable prospects in the offshore. Keating says it’s prospects like Raleigh that bring more than $2.5-billion in bids to the land tenure system.
Keating outlined the massive prospect to delegates at the Noia Oil and Gas Conference this week.
He says it was discovered through 2D and 3D seismic work and appears to have great potential, which was backed up with seabed cores.