An independent resource assessment covering the area of the West Orphan Basin has identified 25.5 billion barrels of oil and 20.6 trillion cubic feet of gas potential.
Premier Ball and Minister of Natural Resources Siobhan Coady made the announcement today.
Nalcor, with its partners TGS and PGS, have been acquiring extensive 2D seismic data (110,000 line km to date) in the underexplored slope and deep water areas of the province's offshore.
To further delineate the West Orphan Basin, a 3D seismic survey was acquired over a portion of the area and the data from the new 3D images has provided further insight into the area's resource potential.