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