Near-record investment expected as ‘bow wave’ of activity heads for Newfoundland offshore

Big money to be spent

“The first wave will crest by 2021, with oil giants like ExxonMobil, Chevron, Equinor and CNOOC committed to spending $1.7 billion.

That activity has begun, with ExxonMobil set to start drilling on a prospect identified through Nalcor’s long-running geoscience program.

By 2022, BP Canada, Navitas Petroleum, Nexen Energy and Husky have committed to spending $763 million.

And further out, to 2024, BHP, Equinor and Suncor, plan to invest $1.4 billion in exploration.”