Bud's Offshore Energy (BOE)

The CNLOPB has announced contingent resources of 340 million bbls for the Cambriol discovery which would be co-developed with 2 nearby discoveries as part of Equinor’s Bay du Nord project. Per CNLOPB estimates, this brings the Bay du Nord resource total to 1.132 billion bbls. Equinor has announced that 2 exploratory wells will be spudded this summer. Positive results would further strengthen the case for Bay du Nord development.

Meanwhile, Terra Nova production is ramping up after a long hiatus for FPSO refurbishment, remarkable Hibernia has produced more than double the original resource estimate of 520 million bbls and is still producing about 60,000-70,000 bopd, and Hebron is impressively producing about 120,000 bopd on average.

There is indeed reason for optimism about North America’s only Atlantic production in what is arguably the continent’s (world’s?) most challenging operating environment.