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New bidding process opens for prospectingC‑NLOER is opening up 16 parcels in two regions off Newfoundland’s eastern and southeastern coast for oil and gas exploration You can save this article by registering for free here. Or sign-in if you have an account.The areas in yellow show the 13 parcels in the eastern region and the three in the southeastern region off Newfoundland that are being made available for oil and gas exploration. Photo by cnloer.comOil and gas exploration is ramping up off Canada’s most-eastern province, with more than 3.6 million hectares open for prospecting.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorOn Tuesday, the Canada–Newfoundland and Labrador Offshore Energy Regulator (C‑NLOER) called for bids on exploration licences in the eastern and southeastern Newfoundland regions.The eastern area consists of 13 parcels totalling a little more than 2.9 million hectares of offshore land.The three parcels offered in the southeastern region total 777,157 hectares and are located on the tail of the Grand Banks.Breaking business news, incisive views, must-reads and market signals. 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Please try againThe call for bids comes a day after Newfoundland and Labrador’s government touted the natural gas potential of $400 billion in the Jeanne D’Arc Basin, which is also home to five producing oilfields.“Today’s call for bids is a clear signal that Newfoundland and Labrador is serious about competing for global exploration investment,” said Jim Keating, CEO of OilCo, Newfoundland and Labrador’s oil and gas corporation.The eastern parcels open for bids are northeast of the Jean D’Arc Basin and in the same vicinity as the proposed Bay du Nord megaproject— which, if it proceeds, would be Canada’s first deepwater oilfield.The southeaster parcels are south of the Jeanne D’Arc Basin.The parcels being made available have all been previously offered to companies interested in exploring them.There are no new calls for bids for the Jeanne D’Arc Basin. According to C-NLOER, future decisions for that region will continue to be assessed annually based on nominations, stakeholder feedback and land tenure considerations.Winning bids will be selected based on the amount of money being committed to explore a parcel during the first six years of a nine-year licence.The minimum bid for the parcels offered is $10 million CAD in work commitments.In a release, C‑NLOER said the call reflects ongoing work by the energy regulator and governments to support exploration.“A new condition in the bid package requires prospective bidders to engage confidentially with the provincial government on its Offshore Exploration Fund,” the release said.“The C‑NLOER will continue to work with the federal and provincial governments to strengthen the competitiveness of the Canada-Newfoundland and Labrador Offshore Area, including measures to reduce the time required for approvals and authorizations, and to move from discoveries to production.”Government approval is required for the awarding of exploration licences to successful bidders in early 2027.Recognizing these areas are important for the fishery, the C-NLOER said it will continue to engage with those involved in that industry, including harvesters, Fisheries and Oceans Canada, Indigenous groups and others throughout the land tenure process.It also committed to working in support of protecting marine environments. Some parcels, it noted, overlap with the Northeast Newfoundland Slope Marine Refuge.“Planning, monitoring and assessment of offshore petroleum activities will ensure development occurs in an environmentally responsible manner,” stated the release, adding, “Emissions-related considerations will be assessed as part of the regulatory review process when companies propose specific activity plans.”Keating said the combination of targeted incentives, earlier and direct engagement with proponents, and a faster path to drilling in Tuesday’s call “creates the kind of certainty companies are looking for in frontier basins.“There is significant potential in offshore Newfoundland and Labrador,” he said, “and we welcome the province’s commitment to unlocking the next generation of projects.”Parties interested in the parcels have until Nov. 4 to submit sealed bids. Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. 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