The virtual data room includes: well data, seismic data, and drilling reports. It is supported by stakeholders in the oil and gas industry. Data rooms in general have been common practice in industry and have been successfully been used in other jurisdictions.
Zebra Data Services, headquartered in London, UK, will be supporting government as its service provider. The service being user-pay means that there is no cost to the government.
The province has five producing fields, more than 650 leads and prospects, and an ongoing, world-class seismic program with more than 20 basins mapped.
There have also been seven new entrants in the past two years, and $2.6 billion in recent exploration work commitments.
The virtual data room is an initiative of Advance 2030 – The Way Forward on Oil and Gas, which was developed to position Newfoundland and Labrador as a globally preferred location for oil and gas development. The Way Forward outlines all actions the Provincial Government is taking to achieve a strong, diversified province with a high standard of living, and can be viewed at thewayforward.gov.nl.ca.
The Honourable Siobhan Coady, Minister of Natural Resources stated: “The virtual data room provides up-to-date information on the province’s offshore for industry to use to make informed investment decisions. This is particularly important leading up to 2018 Calls for Bids in the Eastern Newfoundland and Jeanne d’Arc regions which closes on November 7. This initiative is one of the immediate priorities to drive exploration as outlined in Advance 2030.”
Paul Barnes, Director, Atlantic Canada & Arctic, Canadian Association of Petroleum Producers, also added: “The Canadian Association of Petroleum Producers strongly supports the province’s efforts to increase offshore exploration activity. Newfoundland and Labrador is competing globally for oil and gas investment. Facilitating access to data via the virtual data room will be a powerful marketing tool as the province works to promote its offshore potential.”