Newfoundland field eyes growth

Newfoundland’s offshore White Rose oil field is on the brink of a major expansion following government approval of plans to recover an additional 24 million barrels, a step closer to developing two more discoveries holding a combined 190 million barrels. The White Rose project is owned by operator Husky Energy 72.5 percent and Petro-Canada 27.5 percent.

A final decision to introduce the so-called South White Rose Extension pool still needs ratification from Petro-Canada. That hinges on the outcome of negotiations with the Newfoundland government on fiscal terms and local economic benefits.

White Rose is currently targeted to produce 120,000-125,000 barrels per day on an annualized basis and has regulatory approval to achieve a maximum 140,000 bpd.

The newest addition would cost an estimated C$595 million, including C$308 million to drill and complete five wells.

But that investment would also open the way for development of the North Amethyst and West White Rose pools that have yet to reach the regulatory application stage.

—Gary Park