CNLOPB’s latest land sale sees six new areas set for over $100m in exploration work
The CNLOPB was created before there was a producing project offshore, before the Hibernia platform (seen here) was built. — File image
The Canada-Newfoundland and Labrador Offshore Petroleum Board (CNLOPB) has announced its latest calls for bids for exploration licences offshore Newfoundland and Labrador has netted $117 million in work commitments by major players in the oil industry.
Five of six land areas offered up in the Laurentian Subbasin earlier this year received bids from Shell Canada, totaling $97 million.
The sixth parcel received no bids.
A separate offering of a land parcel in the Flemish Pass received a bid of about $20 million from a partnership of Husky Oil (covering 40 per cent), Suncor Energy (at 35 per cent) and Repsol E&P (25 per cent).
“Subject to the bidders satisfying the requirements specified in (the calls for bids) and upon receiving ministerial approval, the (CNLOPB) board will issue exploration licences for all six parcels in January 2013,” a news release has stated.
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