Newfoundland and Labrador’s Ability to Compete in the Global Offshore Furthers a Vibrant Economy

Scheduled Land Tenure System Implemented by the Canada-Newfoundland and Labrador Offshore Petroleum Board

The Government of Newfoundland and Labrador supports today’s announcement by the C-NLOPB to implement a scheduled land tenure system in the province’s offshore.

“The introduction of a scheduled land tenure system in Newfoundland and Labrador will expand the timeframe for seismic acquisition and help to attract exploration interest from new operators in the province’s offshore. The new system will benefit all participants including government, seismic contractors, operators, the regulator and most importantly, the people of Newfoundland and Labrador who reap the dividends of responsible resource development.”
- The Honourable Derrick Dalley, Minister of Natural Resources

The open, transparent and predictable system will improve the existing model by providing seismic contractors additional time to acquire data. The new system will allow government to encourage exploration, attract investment from new and existing industry players, and enhance the global competitiveness of Newfoundland and Labrador.

Through sound fiscal management and responsible decisions, the Government of Newfoundland and Labrador is strengthening the business environment, encouraging the development of innovative industries and building a vibrant economy.

QUICK FACTS

• A scheduled land tenure system provides longer advance notification of specific offshore regions which will be subject to Calls for Bids announced in scheduled cycles.
• The system is designed to maximize transparency, predictability, and stakeholder input.
• The system will continue annual Calls for Bids processes, in addition to offering interested parties new scheduled Calls for Bids in more frontier areas.

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Media contact:
Diana Quinton
Director of Communications
Department of Natural Resources
709-729-5282, 631-8155
dianaquinton@gov.nl.ca 

2013 12 19             1:05 p.m.