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Natural Resources
November 21, 2011

Recent Bids Highlight Interest in Offshore Exploration

Results of the 2011 Calls for Bids announced Wednesday by the Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) demonstrates industry’s continued interest in Newfoundland and Labrador, and the exciting exploration opportunities available in the province’s offshore.

“Increased exploration activity will help to sustain industry growth and development while supporting economic and employment growth for Newfoundland and Labrador,” said the Honourable Jerome Kennedy, Minister of Natural Resources. “Results of the 2011 Calls for Bids are the second largest set of results on record for the province with work commitments totalling close to $350 million. These investments in our offshore area are critical, and exploration in the province’s largely under explored diverse regions will support new discoveries, and opportunities for further growth and development.”

The 2011 Calls for Bids consisted of eight parcels of land in the Western Offshore, the Flemish Pass/North Central Ridge region, and the Labrador Offshore. The exploration rights for a total of 1,599,295 hectares of land were available for bidding.

Exploration rights for two parcels of land in the Western Offshore region (NL11-01) were awarded to Ptarmigan Energy Incorporated for bids of just over two million, while exploration rights for two parcels of land in the Flemish Pass/North Central Ridge region (NL11-02) were awarded to a new group of co-venturers including Statoil, Chevron, and Repsol. All three of these companies have experience operating in challenging deepwater environments, and are returning investors to the province’s offshore. No bids were received for the parcels of land offered in the Labrador Offshore (NL11-03).

“The awarding of these four parcels of land to participants familiar with the province’s offshore operating environment proves that companies continue to have confidence in our resource potential,” said Minister Kennedy. “Continued exploration by these companies will help to grow the oil and gas industry, and ensure a bright future for the people of Newfoundland and Labrador.”

Additional details on the 2011 Calls for Bids can be found on the C-NLOPB’s website at www.cnlopb.nl.ca Opens in new window

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Media contact:
Heather Maclean
Director of Communications
Department of Natural Resources
709-729-5282, 697-4137
heathermaclean@gov.nl.ca 

2011 11 21             11:50 a.m.

 
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