Call for bids 'encouraging' for offshore Newfoundland

By OGJ editors

HOUSTON, Dec. 7 -- The Newfoundland Ocean Industries Association (NOIA) reported an "encouraging" outcome of this year's call for bids for exploration rights off Newfoundland and Labrador.

Bids were received on all five of the parcels offered. Bidders committed more than $71.1 million.

NOIA Pres. and CEO Leslie Galway said that the results show renewed interest in the Jeanne d'Arc basin.

The bids, conditionally accepted, included Parcel 1, north of White Rose oil field, $28 million; Parcel 2, north of White Rose, $18 million; Parcel 3, northeast of White Rose, about $1 million; Parcel 4, north of Hibernia oil field, $16 million; and Parcel 5, south of Hibernia, about $8.1 million.

The bids represent expenditures that the bidders commit to make in exploring the parcels during the initial 5-year period of a 9-year exploration license, NOIA said.

Husky Oil Operations Ltd. was one of the most active bidders, with 50% of Parcel 1 and 100% of Parcels 2 and 3.

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