Natural Resources
May 26, 2014
Offshore Industry Sustaining a Vibrant Economy
Major Step Forward in Implementing Scheduled Land Tenure System
The Provincial Government welcomed today the move by the Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) to release information about specific geographic locations of frontier areas that will be made available for exploration in Newfoundland and Labrador’s offshore.
“The recent announcement by the C-NLOPB represents a huge next step for us as we transition to the scheduled land tenure system unveiled by the board in December 2013. By identifying land areas and providing adequate time for companies to assess the land, we are encouraging exploration and enticing more players to our offshore area. I look forward to a busy exploration season with plenty of seismic acquisition activity happening in the offshore. Everyone wins with this new system - seismic contractors, operators, the regulator, government, and most importantly, Newfoundlanders and Labradorians who benefit from strategic responsible resource development.”
- The Honourable Derrick Dalley, Minister of Natural Resources
The new land tenure system was developed based on global best practices from leading exploration jurisdictions and with extensive discussion and consultation with stakeholders.
Changes to the new land tenure system include identifying sectors in frontier areas, providing more time to assess land, and scheduling regular cycles for the call for bids. The annual calls for bids processes will continue in mature regions, in addition to offering interested parties new scheduled calls for bids in more frontier areas.
With the new system, transparency and predictability is ensured for companies interested in doing business in the Newfoundland and Labrador offshore industry. Exploration companies will now have additional time to evaluate petroleum prospects, conduct geoscientific work, and prepare for the Calls for Bids process.
Further details, including the timing of the calls for bids associated with the sector identification can be found at www.cnlopb.nl.ca/news/nr2014.shtml.
QUICK FACTS
- The Provincial Government welcomes the announcement by the C-NLOPB to release information about specific geographic locations of frontier areas that will be made available for exploration in Newfoundland and Labrador’s offshore.
- This move supports work to implement a scheduled land tenure system, and ensures transparency and predictability for companies interested in doing business in the province.
- The new system was developed based on global best practices from leading exploration jurisdictions and with extensive discussion and consultation with stakeholders.
- More advanced notification of specific offshore regions will be provided and calls for bids will be announced in scheduled cycles.
- All participants will benefit from the new system, including seismic contractors, operators, the regulator, and Newfoundlanders and Labradorians.
- 30 -
Media contact:
Diana Quinton
Director of Communications
Department of Natural Resources
709-729-5282, 631-8155
dianaquinton@gov.nl.ca
2014 05 26 10:55 a.m.