The Canada-Newfoundland and Labrador Offshore Petroleum Board has awarded blocks in Newfoundland worth some $240 million.
The Canada-Newfoundland and Labrador Offshore Petroleum Board has awarded blocks in Newfoundland worth some $240 million.
Successful bids were received for Call for Bids NL22-CFB01 (Eastern Newfoundland Region), totalling $238,075,321 in work commitments and covering 1,222,907 hectares. No bids were received for the South Eastern Newfoundland Region Call for Bids.
ExxonMobil (70%) and QPI Energy Canada (30%) have won parcel 8 (268,000 hectares) for £182 million.
bp has won parcel 12 (266,000 hectares) for $16.5 million. Equinor and bp have won parcel 26 (252,000 hectares) for £15 million. Equinor and bp have won parcel 27 (274,000 hectares) for $14 million. Equinor and bp have won parcel 28 (163,000 hecates) for $11 million.
The sole criterion for selecting a winning bid is the total amount the bidder commits to spend on exploration of the parcel during Period I (the first six-year period of a nine-year licence). The minimum acceptable bid for each parcel is $10 million in work commitments.
Subject to bidders satisfying the requirements specified and receiving government approvals, the board will issue the new exploration licences in January 2023. Further detailed information about these Calls for Bids is available on the C-NLOPB website or C-NLOPB Data and Information Hub.
