A new report suggests the Orphan Basin could hold twice the oil of the Flemish Pass. The provincial government today released a resource assessment by Nalcor that indicates a potential 25.5 billion barrels of oil, doubling the Flemish Pass's potential haul. It's a report the provincial government hopes attracts even more investment than the Pass, which garnered $1.2 billion in bids last year. Ball says he knows global exploration is down but "cautiously optimistic" about company interest in Orphan Basin #nlpoli — @PeterCBCEarlier this year, Nalcor said 50 prospects have been identified in the Orphan Basin following an extensive survey program. Bids on the Orphan Basin close in November.

Source: CBC News August 24, 2016 17:00 UTC