- Corridor Resources recently approved a total capital expenditure plan of $59.9 million for 2009. The budget for 2009 is aimed at increasing natural gas production from the McCully field in southern New Brunswick and to evaluate the potential of oil and shale gas in the surrounding basin.
The Newfoundland and Labrador offshore industry recently achieved a milestone when the 1 billionth bbl of oil was produced from Hibernia, Terra Nova and White Rose. The revenues received from these 3 projects accounted for 33% of the entire province's revenue for 2008/2009. Since 1997, the province has received over $5 billion in royalties from these projects.
Despite the recent drop in the price of oil, activity in Canada's East Cost offshore is continuing with a few wells expected, subject to rig availability, and planning underway to develop the Deep Panuke offshore Nova Scotia and Hebron off Newfoundland. White Rose is scheduled for a major expansion with plans to conduct development drilling on 3 White Rose satellite fields. Offshore Newfoundland, Statoil HydroCanada is having an exploration well drilled. Petro-Canada confirmed that it will drill in an exploration well in the East Coast offshore. Chevron and ConocoPhillips also have plans to drill off the East Coast.
- Fluor Canada has been selected by Irving Oil to conduct front-end engineering design for a proposed $7 billion refinery that is to be constructed in St. John, New Brunswick. This refinery is expected to produce 300,000 bpd of oil. Construction on this project is expected to begin in 2011 with start-up operations scheduled for 2015.