How did offshore oil and natural gas exploration develop on the Grand Banks?

Offshore exploration for petroleum and natural gas on the Grand Banks began in the 1960s. Following this initial period of exploration, numerous significant deposits were discovered in the region during the late 1970s.12

A major milestone in this development was the discovery of the Hibernia field in 1979, located approximately 200 miles (320 km) east of St. John’s. Production at the Hibernia field officially commenced in 1997, and subsequent development of other nearby fields has followed.1

Today, the extraction of oil and natural gas has become the most important economic activity on the Grand Banks in terms of value, serving as a critical pillar for the future prosperity of Newfoundland and Labrador.23