The presence of Late Jurassic sedimentary formations (i.e. source rock) similar to those found in the fruitful nearby Jeanne d'Arc Basin makes this of particular interest to oil exploration.
However, these wells failed to penetrate the critical Late Jurassic section, which had been successful in the discovery of oil-rich rock sources for adjacent basins.
The Labrador Current also played a role, allowing icebergs and proglacial plumes to provide sediment from more distant sources.
A large area of exploration in the basin is in deepwater, where delicate deep-sea corals and chemosynthetic organisms may reside.
The pulses from seismic surveys and airguns involved in the exploration process may alter the swimming patterns of fish and interfere with the underwater communication of certain species of marine life.
High levels of noise from other related anthropogenic sources, such as boats and drilling operations, may mask the detection of weaker biologically important sounds of marine mammals.
Accidental events such spills of diesel fuel during vessel loading/unloading and oil or gas during blowouts also raise concerns for environmental damage.
[7] If an oil spill akin to that of the Deepwater Horizon in the Gulf of Mexico (2010) occurred in the basin, the environmental repercussions could be even worse.
Any rigs to drill a relief well in the event of a similar spill in the basin would have to be brought in from other areas, such as the Gulf of Mexico.