Nalcor Energy-Oil and Gas has identified more oil and gas potential off Newfoundland.

The company has released the 2019 Oil and Gas Resource Assessment results which identify an additional 3-billion barrels of oil and 5.8 trillion cubic feet of gas potential.

The area in question is located 400 km east-southeast of St. John’s and covers about 21,000 sq. km. Water depths range from 100 metres on the shelf to 3,500 metres in the southeast deep water region of the sector.

Natural Resources Minister Siobhan Coady says the purpose of the assessment is to broaden our understanding of the under-explored frontier basins. She says they have over 650 leads and prospects identified to date, eight new entrants to the industry in the past three years, and $4-billion in recent exploration work commitments.

The call for bids covering the aforementioned area closes November 6.