Nalcor's Oil and Gas division holds and manages oil and gas interests in the Newfoundland and Labrador onshore and offshore. The company is currently a partner in three offshore developments - the Hebron oil field, the White Rose Growth Project and the Hibernia Southern Extension. Nalcor Energy - Oil and Gas is also the operator of an onshore drilling exploration program in Parsons Pond in western Newfoundland.

Nalcor Energy - Oil and Gas will continue to assess growth opportunities for the province's oil and gas resources. Committed to marketing these opportunities around the world, this division will maximize benefits from these resources to help attract continued investment that will strengthen the economy in Newfoundland and Labrador.