November 8, 2018
The following statement was given today in the House of Assembly by the Honourable Siobhan Coady, Minister of Natural Resources:
Record Bids of $1.38 Billion for Exploration Licenses in Province's Offshore
Mr. Speaker, I’m pleased to stand in this Honourable House today to highlight the exciting news that record bids for exploration licenses offshore have been received as a result of the most recent calls for bids in the Eastern Newfoundland Region and Jeanne d'Arc Regions, both located in the Canada-Newfoundland and Labrador Offshore Area.
In total, there was a record cumulative total of $1.38 billion in bids and a record single bid of $621 million from BHP Billiton Petroleum in the Eastern Newfoundland region. I’d like to welcome BHP to our province.
The bid process is managed by the Canada-Newfoundland and Labrador Offshore Petroleum Board.
The resource potential in offshore Newfoundland and Labrador is incredible. In less than 7 per cent of the province’s offshore, there is a combined resource potential of 49.2 billion barrels of oil and 193.8 trillion cubic feet of gas.
There have been eight new entrants in the past two years, and $3.9 billion in recent exploration work commitments.
Mr. Speaker, we are seeing success in our plan to drive exploration and grow the province’s offshore through Advance 2030 - The Way Forward on Oil and Gas. This success confirms Newfoundland and Labrador as a global centre of interest for the world’s oil and gas exploration companies. Thank you.
2018 11 08 1:55 p.m.