Potential resources in excess of 50 billion barrels of oil equivalent have been identified in acreage offshore Newfoundland & Labrador in Canada currently available in a licensing round.

In recent years, every time Newfoundland & Labrador offers upstream acreage to industry — known officially as a call for bids — it commissions France’s Beicip-Franlab to prepare detailed geological and geophysical reports on those areas.

These in-depth studies incorporate the latest 2D and 3D seismic data sets — much acquired by the province itself — along with well information.