Twice the size of Hibernia? Oil companies being teased with 'Son of Cape Freels'

From CBC News
The following text was excerpted from the media outlet cited on June 20, 2018 and is provided to Noia members for information purposes only. Any opinion expressed therein is neither attributable to nor endorsed by Noia.

Prospect called 'Raleigh' is a 'big one,' says Nalcor VP Jim Keating

Oil companies with an interest in exploring Newfoundland and Labrador's offshore are being teased with a prospect that could be twice the size of Hibernia.

It's been given the name 'Raleigh' by the province's oil and gas company, and is being labelled one of several dozen "true monster-type prospects" ahead of this year's licensing round, which will see companies bid for exploration rights in the offshore.

"Yes, it's a big one or else it wouldn't make the Top 10 list at Nalcor," Jim Keating, vice-president of Nalcor's oil and gas division, told delegates this week at the annual oil and gas conference in St. John's.

Natural Resources Minister Siobhan Coady said the true potential of the new find is still being analyzed, "but what we're seeing is certainly promising."

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