It has been proven time and time again that Newfoundland and Labrador’s (NL) offshore oil and gas industry has notoriously long development cycles. How can the industry compete on a global scale when the industry can’t keep pace with other leading offshore oil and gas jurisdictions?
One such example of the competition the industry is facing is Norway. With more than 80 operating fields, Norway has refined new systems and practices to speed up projects, without risking the safety of their workers or the environments they develop. Since 1960, Norway’s average development cycle, from discovery to first oil, is 13 years. How can Newfoundland and Labrador contend when it’s average development cycle is 24 years?