Natural Resources
December 12, 2014
Sustaining Offshore Exploration
Recent Calls for Bids Reflect Industry Interest and Growth
Results of the Calls for Bids announced today by the Canada-Newfoundland and Labrador Offshore Petroleum Board demonstrate continued interest by industry in the exploration opportunities available in Newfoundland and Labrador's offshore.
"The long-term view for
oil and gas development in Newfoundland and Labrador is strong and we are
pleased with the significant results of today's Calls for Bids. The result for Calls for
Bids in the Flemish Pass Basin of $559 million is the largest bid for a single
parcel in the province's Calls for Bids history. These results
represent important investments by companies in our offshore and speak to
industry's confidence in the province's prospective regions. Exploration will
help to sustain growth and development, while supporting long-term economic and
employment opportunities for many Newfoundlanders and Labradorians."
- The Honourable Derrick Dalley, Minister of
Natural Resources
The Calls for Bids
consisted of six parcels of land in the Flemish Pass Basin, the Carson Basin and
the Jeanne D'Arc Basin. Additional
information on the Calls for Bids is
available on the C-NLOPB's website at www.cnlopb.ca 
.
The Provincial Government remains committed to exploration, including frontier offshore regions and continues the transition towards a new scheduled land tenure system. The next Calls for Bids issued by the C-NLOPB in the spring will be under the newly implemented system. The new system will provide operators with increased timeframes for Calls for Bids in more frontier areas.
QUICK FACTS
- Results of the Calls for Bids announced today by the Canada-Newfoundland and Labrador Offshore Petroleum Board demonstrate continued interest by industry in the exploration opportunities available in Newfoundland and Labrador's offshore.
- The Calls for Bids consisted of six parcels of land in the Flemish Pass Basin, the Carson Basin and the Jeanne D'Arc Basin. The result for Calls for Bids in the Flemish Pass Basin of $559 million is the largest bid for a single parcel in the province's Calls for Bids history.
- The long-term view for oil and gas development in Newfoundland and Labrador is strong. Today's results represent important investments by companies and speak to industry's confidence in the province's prospective regions.
- 30 -
Media contact:
| Diana Quinton
Director of Communications Department of Natural Resources 709-729-5282, 631-8155 dianaquinton@gov.nl.ca |
2014 12 12 4:25 p.m.