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Natural Resources
December 2, 2010

Offshore Industry Continues its Strong Growth

The results of three Calls for Bids by the Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) demonstrate the strength of Newfoundland and Labrador's offshore industry. The Honourable Kathy Dunderdale, Minister of Natural Resources, welcomes the over $110 million in work expenditure commitments received for the Flemish Pass-Central Ridge region and the Jeanne d'Arc Basin.

"We have an open and competitive land management system in Newfoundland and Labrador which combined with our highly prospective basins, encourages exploration and development," said Minister Dunderdale. "Interest in the 2010 Calls for Bids process is a strong indicator of the health of our offshore industry and the results of these bids clearly indicate the strength of the industry. The level of cooperation being demonstrated by operators, along with their level of financial investment, is a signal to the world about the momentum of oil and gas exploration in Newfoundland and Labrador."

In July of 2010 the C-NLOPB announced Calls for Bids relating to NL 10-02 and NL 10-03 in the Flemish Pass-Central Ridge region. Statoil Canada and Repsol E&P Canada submitted the winning bid in parcel 1 of NL 10-02 while Statoil Canada and Husky Oil Operations were successful in parcel 2. Statoil Canada and Husky Oil Operations were also successful in providing the highest bid for a Significant Discovery Licence for the parcel in NL 10-03.

As well, the C-NLOPB held Calls for Bids for two parcels in NL 10-01 in the Jeanne d'Arc Basin. Successful bidders were Husky Oil Operations and Repsol E&P Canada for parcel 1 and Husky Oil Operations and Statoil Canada for parcel 2.

"The amount of expenditure commitment associated with these bids is the highest we have seen in a number of years," said Minister Dunderdale. "It is encouraging to see that operators which have recently become involved in our offshore have continued their presence and formed new partnerships and that interest also continues in the prolific Jeanne d'Arc Basin. I look forward to working with these companies to ensure the safety of those employed in the industry and protection of the environment through responsible development."

Further information on the results of the Calls for Bids is available on the C-NLOPB website at www.cnlopb.nl.ca

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Media contact:
Ken Morrissey
Director of Communications
Department of Natural Resources
709-729-5282, 685-6612
kenmorrissey@gov.nl.ca 

2010 12 02                                                    4:25 p.m.
 


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