C-NLOPB licenses Equinor discovery offshore Newfoundland and Labrador

The Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) has licensed a significant discovery by Equinor Canada Ltd. and has released a related volume estimate.

The Cappahayden K-67 discovery in the Flemish Pass basin offshore Newfoundland was made in late 2020 by Equinor (operator, 60%) and BP Canada (40%) (OGJ Online, Oct. 29, 2020).

C-NLOPB assessed the recoverable oil volume of the discovery as 385 million bbl based on interpretation of well and seismic data, the Canadian regulator said in a release Feb. 3.

C-NLOPB’s petroleum resources management system defines contingent resources as “volumes of hydrocarbons, expressed at 50% probability, assessed to be technically recoverable that have not been delineated and have unknown economic viability”. This includes oil in fields/pools that are not approved for development.