Newfoundland and Labrador’s offshore oil and gas sector spotlighted at Energy NL’s Annual Conference & Exhibition 2024

(WO) – The Energy NL Annual Conference & Exhibition 2024 began on Tuesday, June 4, 2024, with an opening address by Premier Dr. Andrew Furey, who committed his support for the Newfoundland and Labrador energy industry, including the offshore oil and gas sector and the renewable energy sector.

Premier Furey was followed by Kerry Moreland, President of ExxonMobil Canada and Sean Leet, Managing Director and CEO of World Energy GH2, who provided updates on their energy projects.

ExxonMobil Canada is currently undertaking exploration in the Orphan basin. The Persephone well and World Energy GH2 have received environmental assessment approval and continue to progress their project.

Following those insightful presentations, Jim Keating, CEO of OilCo, took a look at the Newfoundland and Labrador offshore oil and gas sector and the opportunities before it. He outlined the potential of offshore Newfoundland and Labrador including an estimated 123.6 billion barrels of oil and 292.6 trillion cubic feet of gas.

The second session of the day included a discussion on regulation in the energy sector and the need for participants to have clear, concise, and consistent regulations. Scott Tessier, CEO of the Canada-Newfoundland and Labrador Offshore Petroleum Board provided an update on the transition of the board into a broader offshore energy regulator.

The session also included a presentation by Dr. Michel Heijdra with the Netherlands Ministry of Economic Affairs and Climate Policy who outlined policy initiates and collaboration in Europe for the production and transportation of clean fuels. 

The lunch keynote address was provided by Michael Cohen, Chief US Economist with bp, who provided a global overview of the energy market, including the role of the Newfoundland and Labrador energy sector.

Michael Cohen stressed that the world will need an energy mix as it moves forward and advantaged oil, such as the lower carbon oil of Newfoundland and Labrador, will be extremely important. The day concluded with an afternoon International Business Program that examined the energy markets of the United Arab Emirates and the Netherlands. 

Charlene Johnson, Energy NL CEO , said, “The Energy NL Conference & Exhibition 2024 got off to a great start with an overview of the sector that included supportive comments by Premier Andrew Furey and a deep dive into two significant projects. The presentations made during the second session on regulations were extremely informative and laid the foundation for the discussions yet to happen this week. Combined with the insightful comments of bp’s Michael Cohen, delegates received a broad picture of the sector and I look forward to building on that information tomorrow as we look into net zero and decarbonization and engaging Indigenous communities in energy projects.”