Natural Resources
April 13, 2016
The following statement was given today in the House of Assembly by the Honourable Siobhan Coady, Minister of Natural Resources:
Provincial Government Supports Offshore Call for Bids for 2016
Mr. Speaker, I rise today in this Honourable House to provide details on two recent Calls for Bids issued by the Canada-Newfoundland and Labrador Offshore Petroleum Board.
The calls include 13 parcels in the Eastern Newfoundland Region and three parcels in the Jeanne d’Arc Region. Under the new Scheduled Land Tenure System, four of the 13 parcels are being reintroduced and have been made available in the 2016 call.
This province’s offshore offers some of the best prospects of any frontier region in the world, and our government is actively engaged in creating conditions for increased exploration and development that ensures we maximize value to benefit Newfoundlanders and Labradorians.
The previous Call for Bids in November 2015 resulted in a total value of $1.2 billion in work commitments for seven of the 11 parcels offshore. This was the largest total bid ever in the Newfoundland and Labrador offshore area and demonstrates that we have a great opportunity for exploration and future development.
The November 2015 bid has already resulted in drilling. As one of the successful bidders, Statoil was issued an exploration licence in January 2016 and, by March, had already begun drilling a well.
Our government looks forward to a positive 2016 Call for Bids as we create an environment that captures the full potential of Newfoundland and Labrador’s offshore petroleum industry.
2016 04 13 2:20 p.m.