White Rose Oil Is A Great Find For Newfoundland

The White Rose Oil field is located almost three hundred and fifty miles east of Newfoundland and is currently under the operation by the Husky Oil which is doing so on behalf of Petro-Canada. This is a major oil find and this area has many gas and oil pools that could provide as many as, it is believed, thirty-six million cubic meters of oil or as many as two hundred and thirty million barrels of oil, and all this is going to come out of an area of just forty square kilometers.

Good Prospects

The White Rose Oil field holds forth good prospects for North America and too the rest of the world, and there are going to be three to four drilling centers on the floor of the sea and there will also be some water as well as gas injection wells situated at each of these centers. According to the plans for this exploration of the White Rose Oil field, there could be as many fourteen wells that will produce the oil extraction which could pump out as many as seventy-five thousand barrels each day.

To build the floating production, storage and offloading facility the contract for White Rose Oil fields had been awarded to a South Korean company called Samsung Heavy Industries. As of now, the White Rose Oil has begun to pump from three of the fields operating which is surely a tremendous achievement which has brought much joy to the shareholders of the company.

White Rose Oil fields should remain in operation for as many as fifteen years and it should have a peak production of one hundred thousand barrels per day, which should be good return for the company that had invested as much as two billion dollars in developing these fields. And, the estimated quantities of oil of both proven as well as probable reserves should amount for one hundred and sixty-five million barrels just for one field.

The White Rose Oil discoveries are good news for the local governments that have been besotted by rising oil prices and the production of considerable number of barrels each day will certainly change the fortunes of the provincial government, which may even see it post one and half million dollar surplus even in spite of forecasts that it would be in the red. And, with another two hundred and forty million dollars earned from offshore oil royalties there is no scope for the province to show a loss.