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Keating predicts the potential Bay du Nord project — and perhaps even just increased production at Hebron — to push production to new peaks. “So our peak day is yet to come even with the projects that we know about, let alone the ones that we have yet to discover,” he said.

Photo by Harry Gerwin/Getty Images files

“It’s not inconceivable to me that with modern technology and modern capabilities, that there are not another four projects out there just waiting to be discovered. In actual fact, I think it’s almost a geologic certainty that there’s going to be other major projects discovered. I guess the question is when and where.”

New entrants — including China’s CNOOC Limited (formerly Nexen), BP Plc., HP Group Ltd. out of Australia, and Houston-based Navitas Petroleum — have joined the five existing oil and gas players in holding exploration licences, according to Nalcor.

The areas under, or slated for, exploration are all further offshore than the province’s active projects, meaning drilling will take place in much deeper water.

I think it’s almost a geologic certainty that there’s going to be other major projects discovered Jim Keating, Nalcor Energy

ExxonMobil is currently drilling in the Flemish Pass, the first exploration associated with thenew licencing setup. The other eight licence holders are expected to start their new hunts as early as next year, as well as through 2021 and 2022, notes Paul Barnes of CAPP, which counts as members all the companies involved with production and exploration in Newfoundland and Labrador.

The companies involved in exploration have proposed 10 drilling projects over the next two to four years, with upwards of 100 wells proposed in their applications.