Research
Canada is currently performing the hydrographic and geological surveys necessary for claiming the entire continental shelf off eastern Canada, under the auspices of the latest United Nations Convention on the Law of the Sea. Once this aspect of UNCLOS is ratified, Canada will presumably control these remaining parts of Grand Banks which are outside of its EEZ jurisdiction.
Petroleum reserves have also been discovered and a number of oil fields are under development in this region, most notably the Hibernia, Terra Nova, and White Rose projects; the harsh environment on the Grand Banks also led to the Ocean Ranger disaster.
Read more about this topic: Grand Banks Of Newfoundland
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