Newfoundland's offshore natural gas assessment results a 'significant milestone,' says minister
On Monday, the provincial government released its natural gas resources assessments, which suggests natural gas resources in the Jeanne d'Arc Basin range from 8.1 to 11.3 trillion cubic feet (tcf), with a best estimate of 9.7 tcf.
Crocker calls the report a "significant milestone," and one that highlights "a promising new chapter in our energy future."
"This assessment is more than just a technical document," Crocker told reporters.
"It is a strategic tool that helps us understand how our offshore natural gas resource can drive economic growth and support the global transition to net zero emissions."
Crocker said the data gathered will help investors make informed decisions.
The province earmarked $4.7 million in the 2023 budget for the assessment.
Crocker said the province focused on the Jeanne d'Arc Basic because it has existing infrastructure, shallow waters and a service community.
The province will also inject $1 million for the next phase of the project, which includes further evaluations in the area.
Crocker couldn't provide a timeline for when natural gas could be extracted, saying that would be up to the companies.
"We'll put the information out there and hope to see that investment. Obviously that's something that'll come later as companies now have an opportunity to see this proven resource," he Crocker.
He said the provincial government has to draft a royalty regime and will be consulting with companies to get feedback.
"This will be done and invested and developed with the best interest of Newfoundlanders and Labradorians," Crocker said.
Charlene Johnson, CEO of Energy N.L., says the assessment is a positive step for the sector.
"We already offer the world a lower carbon form of energy, our offshore oil, and now we prepare to move forward with the possibility of providing another energy source — natural gas — that is in high demand internationally," she said.
Energy N.L members have wanted to see the natural gas sector developed for years, Johnson said.
"A lot of the focus has been on oil here, and that is still a key focus. But as the world needs natural gas, it's great that we've now turned our attention to that," she said.
Roger Grimes, chair of the newly renamed Canada-Newfoundland and Labrador Offshore Energy Regulator, says he's looking forward to increased activity in the energy sector.
He said as the industry regulator, natural gas will face similar scrutiny as other projects.
"As the regulator, we focus primarily on safety first. Everything that's ever approved offshore, the number one priority is is it safe," Grimes said.
"There's always the environmental considerations. Have all of the environmental issues been addressed and mitigated?"
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