Equinor and its partners, Husky and Suncor, were the successful bidders for new exploration parcels in the prolific Jeanne d’Arc basin, offshore Newfoundland. Company photo by Oyvind Hagen.
Equinor has been active in Canada since 1996
On Thursday, Equinor announced it is expanding its presence in the East Coast Canada oil play by joining two partners on two exploration parcels off the coast of Newfoundland.
The company will operate exploration NL18-CFB01-14 alongside Husky Energy. Equinor has a 70 per cent stake in the operation and Husky holds the remaining 30 per cent. In the NL18-CFB01-15 parcel, Equinor holds 60 per cent and its partner, Suncor, has 40 per cent.
The two parcels total 412,644 hectares.
Equinor says it will also participate in the Suncor Energy-operated parcel NL18-CFB02-01, totalling 142,500 hectares. Suncor Energy holds 40 per cent of the project, Equinor Canada 30 per cent and Husky Energy 30 per cent.
“We are pleased to have secured significant acreage and new exploration opportunities offshore Canada,” said Tim Dodson, executive vice president for exploration at Equinor.
“The successful bids aligns with Equinor’s strategy of developing our position in prolific basins.”
Dodson added that the Newfoundland exploration investments provide his company with “an important opportunity to advance our position in a region where we have a well-established exploration portfolio while we continue to evaluate and mature our existing exploration assets in the Flemish Pass Basin”.
The Norwegian multinational energy company has been active in Canada since 1996, and operates the 2013 Bay du Nord discovery, located in the Flemish Pass Basin. Equinor also holds an extensive exploration and partner-operated development position offshore Newfoundland, with partnership interests in the producing Hibernia, Terra Nova and Hebron fields.