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Companies pledge to spend $1.2B on offshore oil exploration in Newfoundland and Labrador

The details of the winning bids are:

NL15-01-02: Chevron 35%; Statoil 35%; BG International 30% (274,732 hectares) $43,175,000
NL15-01-05: Statoil:40%; ExxonMobil 35%; BG International 25% (267,403 hectares) $11,030,633
NL15-01-06 Statoil 34%; ExxonMobil 33%; BP Canada Energy Group ULC 33% (262,230 hectares) $225,158,741
NL15-01-07: Statoil 34%; ExxonMobil 33%; BP Canada Energy Group ULC 33% (254,321 hectares) $206,258,741
NL15-01-08: Statoil 50%; BP Canada Energy Group ULC 50% (268,755 hectares) $35,140,653
NL15-01-09: Statoil 100% (139,477 hectares) $423,189,945.
NL15-01-10: Nexen Energy ULC 100% (163,008 hectares) $261,000,000  

According to different sources, the offshore region of Newfoundland and Labrador holds a potential of 12 billion barrels of oil and 113 trillion cubic feet of gas. 

Tim Dodson, Executive vice-president of Statoil said “The significant exploration investment offshore Newfoundland will provide Statoil an opportunity to further advance our established exploration position in this region.” 

The Atlantic ocean off the coast of Newfoundland and Labrador is undoubtedly going to be the hotbed of offshore oil and gas exploration in the coming years. Reportedly, about one third of the Newfoundland and Labrador treasury's revenues already come from the offshore oil and gas projects. 



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