The Torngat survey covers approximately 3300 km2 and sits within Labrador Sea’s southern sedimentary basins, where frontier exploration has already successfully identified hydrocarbons.
Rystad Energy has released its annual global energy outlook, which claims that the Covid-19 downturn will expedite peak oil demand.
The regulation provides that exploratory drilling projects in a specific area of the Canada-Newfoundland and Labrador offshore are excluded from the requirement to undergo a project-specific federal Impact Assessment.
Norway's CO2 intensity per produced boe in 2018 was approximately 7 kg compared to Canada's 39 kg/boe, according to a report by Rystad Energy.
Applied Petroleum Technology has identified Lower Jurassic source rocks and a genetically related set of oil show in the Southern Grand Banks.
Canada will invest CAN$2.5 billion (US$1.8 billion) in measures to help the oil and gas industry during the coronavirus outbreak.