Newfoundland and Labrador Continues to Expand Offshore
Optimism in Newfoundland offshore oil grows with Hebron Project.
With the Hebron Gravity-Based Structure now pumping oil, many business leaders and economic decision makers are very excited about what the future might hold for offshore oil in this province.
Offshore oil is one of the most dependable components of the Newfoundland and Labrador economy. It started in 1990, when construction began on what would become Canada’s largest offshore oil platform: the Hibernia Gravity-Based Structure (GBS). From there, two more offshore projects were added to the fold: Terra Nova and White Rose. The successes of these projects lead to more development, and eventually, a green light on The Hebron Project.
Bull Arm Fabrication (BAF) played host to the construction of the Hebron GBS, which will tap in to an estimated 700 million barrels of recoverable oil in the Hebron oil field throughout its lifespan. BAF proved to be the ideal construction hub for Hebron given its location and world-class facilities, and will undoubtedly play a major role in the offshore oil industry moving forward.
The Next Chapter
With first oil on November 27, 2017, the Hebron Project has been considered a resounding success after meeting its construction goals and timelines. But exploration and discovery will continue in this province, with fields like Bay Du Nord (approx. 300-600 million barrels) representing some of the largest offshore discoveries in the world.
A government committed to growing the offshore oil industry and resources to support those decisions make Newfoundland and Labrador a very attractive place to invest going forward. BAF, the construction site for both the Hibernia and Hebron GBSs (among others) is currently accepting applications for new leasing opportunities, and you can bet it won’t be long before the site is back up and running.