"Noia, its members and this conference, showcase the great achievements, unlimited opportunities, and strong economic future of the oil & gas industry in the province of Newfoundland & Labrador"
The Honourable John Crosbie
Noia (Newfoundland & Labrador Oil & Gas Industries Association) is Canada’s largest offshore petroleum association. With more than 600 members in Atlantic Canada and around the world, Noia is at the centre of East Coast Canada’s oil & gas industry. Noia members provide products and services for the petroleum sector while associate members include petroleum companies, trade associations, educational institutions and government bodies and agencies.
Newfoundland and Labrador’s sedimentary basin areas are:
- 45% bigger than Norway’s.
- 50% bigger than the Gulf of Mexico.
- 67% bigger than the UK’s.
Less than 2% of NL’s offshore contains ‘in place’ oil & gas resource potential of 12 billion barrels of oil and 113 trillion cubic feet of gas. In 2016, an assessment of the West Orphan Basin identified 25.5 billion barrels of oil and 20.6 trillion cubic feet of gas potential. That is 60 billion barrels of oil equivalent in less than 4% of our entire offshore area.
Since 2012, there has been a total of $2.7 billion in exploration expenditures commitments under the Scheduled Land Tenure System in the Canada-NL Offshore Area, including $757 million in 2016. Even in a time of low oil prices, Newfoundland and Labrador’s offshore oil & gas industry attached 7 new entrants in the past 18 months.
Noia’s mission is to promote the development of East Coast Canada’s hydrocarbon resources and to facilitate our membership’s participation in global oil & gas industries.