The provincial offshore industry is a step closer to tapping into the natural gas potential in the Jeanne d’Arc Basin.
A recent natural gas resource assessment determined potential for 8.1 to 11.3 trillion cubic feet, with a best estimate of 9.7 trillion cubic feet.
Natural Gas potential in the Jeanne d’Arc Basin (Department of Industry, Energy and Technology)
Offshore Nova Scotia has an estimated 3 trillion cubic feet of recoverable gas in comparison, and produced two trillion cubic feet over a 20 year period.
The latest assessment was carried out through $4.7 million earmarked in the 2023 provincial budget.
The latest budget includes close to $1 million for the second phase of a natural gas resource assessment to evaluate additional prospects that were previously identified.
Energy Minister Steve Crocker calls the assessment a “significant milestone.”
He says it’s more than a technical document, but calls it a “strategic tool” to help understand how natural gas can drive economic growth. He says it also provides the clarity and confidence needed by investors for future exploration and development.
The announcement coincides with the start of the Energy NL conference in St. John’s tomorrow morning.
