Natural Resources
November 15, 2016

The following statement was given today in the House of Assembly by the Honourable Siobhan Coady, Minister of Natural Resources:

Results of Calls for Bids Shows Optimism for the Province's Offshore

Mr. Speaker, last week I was pleased to announce that the response to the recent calls for bids in the province's offshore was one of the most successful in the world in 2016 and shows significant exploration opportunity for Newfoundland and Labrador.

The Calls for Bids by the Canada-Newfoundland and Labrador Offshore Petroleum Board consisted of 16 parcels of land totalling over 3.3 million hectares, and resulted in a total work commitment of approximately $758 million.

We are pleased to see that three of these bidders are new to our offshore: Hess Canada Oil and Gas, Noble Energy Canada, and Delek Group. Of the eight parcels awarded, four are in the newly identified West Orphan Basin, while two are in the Flemish Pass Basin and two are in the Jeanne D'Arc Basin.

Mr. Speaker, a group led by BP Canada Energy Group, Hess Canada Oil and Gas and Noble Energy Canada was awarded licences in the area of the newly discovered play trend in the West Orphan Basin. In August, the Honourable Premier and I announced that an independent resource assessment covering the area of the West Orphan Basin identified 25.5 billion barrels of oil potential.

The results of the calls for bids are impressive in the current global environment and we look forward to continued exploration and development in our offshore for decades to come. Thank you.

2016 11 15             2:10 p.m.