Big money to be spent

“The first wave will crest by 2021, with oil giants like ExxonMobil, Chevron, Equinor and CNOOC committed to spending $1.7 billion.

That activity has begun, with ExxonMobil set to start drilling on a prospect identified through Nalcor’s long-running geoscience program.

By 2022, BP Canada, Navitas Petroleum, Nexen Energy and Husky have committed to spending $763 million.

And further out, to 2024, BHP, Equinor and Suncor, plan to invest $1.4 billion in exploration.”