Canada: Super-sized seismic activity planned for Newfoundland’s offshore this year

In yet another sign that Newfoundland and Labrador’s oil industry is poised for growth, no fewer than 18 companies that specialize in seismic surveying have filed environmental assessments with the board that regulates the offshore.

A record amount of valuable 3D seismic data will be collected in the coming months, with one company deploying a small fleet of very specialized vessels.

It’s a unique situation in an environment where oil companies throughout the world have tightened the purse strings on exploration, with spending down by 75 per cent from just three years ago, when oil was trading at more than $100 US per barrel.

Oil is now hovering at about half that, yet oil companies continue to search for the next major find in the offshore.

“Based on the activity level here, we’re getting more than a reasonable share of that spending,” said Bob Cadigan, president and CEO of the Newfoundland and Labrador Oil and Gas Industries Association.

“It says that the eyes of explorers are on our offshore and that the prospectivity is really exciting to them.”

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