Assessed exploration and development potential offshore Newfoundland and Labrador has jumped with new resource estimates for parcels offered in a current license round.

New resource totals are 49.2 billion bbl of oil and 193.8 tcf of natural gas, reflecting increases of 11.7 billion bbl of oil and 60.2 tcf of gas.

The assessments come from the provincial government, provincially owned Nalcor Energy-Oil & Gas, and Beicip Franlab.

The license round will offer 16 parcels on offer in the Orphan and East Jeanne d’Arc basins.

In that round, covering the Eastern Newfoundland Region, the Canada-Newfoundland and Labrador Offshore Petroleum Board is accepting sealed bids until midday Nov. 7.

The resource increases come from recent geoscientific studies of nine of the parcels on offer.