C-NOPB Releases Flemish Pass Hydrocarbon Resource Estimates

The Canada-Newfoundland Offshore Petroleum Board has released an estimate of the Undiscovered Hydrocarbon Resources(1) in the Flemish Pass Basin. The estimate, carried out with assistance from the Geological Survey of Canada, is part of the Board's ongoing evaluation of the hydrocarbon potential of the Newfoundland and Labrador Offshore Area.

The Flemish Pass Basin, comparable in size to the Jeanne d'Arc Basin, has been explored by five wells. Although no commercial accumulations of hydrocarbons have yet been found, hydrocarbon shows were encountered.

The Undiscovered Hydrocarbon Resources(1) in the basin are calculated at 273 million cubic meters (1.7 billion barrels) at a 50 percent probability with expected field sizes ranging from 528 to 44 million barrels.

(1)Undiscovered Hydrocarbon Resources is a term normally used to describe those volumes of hydrocarbons that are inferred to exist and assessed to be technically recoverable but have unknown economic viability.