A huge exploration prospect that could host at least 2 billion barrels of oil has been identified in a frontier basin offshore Newfoundland & Labrador, Canada, that will be opened to industry in a November bid round.

Excitement is building in the provincial capital St John’s because major upstream players, after years of counting their pennies, will open their exploration wallets if the prize is big enough — and the just-disclosed Blue Jacket structure in the Salar basin certainly offers that potential.