Bids for oil exploration off Newfoundland worth $117 million if approved

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ST. JOHN'S, N.L. - New bids for exploration rights off Newfoundland are worth almost $117 million, the second largest total since 2007.

The Canada-Newfoundland and Labrador Offshore Petroleum Board says Shell Canada Ltd. has committed $97 million for five parcels in the Laurentian Sub-basin.

It's a region 340 kilometres southwest of the provincial capital St. John's.

A sixth parcel in that area received no bids.

A consortium of Husky Oil, Suncor Energy and Repsol E & P also bid almost $20 million to explore a parcel in the Flemish Pass, about 500 kilometres east of St. John's.

The regulatory board will issue the exploration licences in January, pending government approval.

Organizations: Canada-Newfoundland and Labrador Offshore Petroleum Board, Shell Canada Ltd., Suncor Energy

Geographic location: Newfoundland, ST. JOHN'S

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