Two wells at the Cappahayden and Cambriol prospects, drilled this summer in the Flemish Pass Basin, have proven the presence of hydrocarbons.
Cenovus Energy has agreed to buy Husky Energy in an all-stock deal valued at CAN$3.8 billion (US$2.9 billion).
The policy measure is designed to allow all future bid deposit forfeitures to be reinvested as received.
The review follows the suspension of major construction activities in March due to the COVID-19 pandemic and the company’s capital re-prioritisation following the global economic downturn.
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.