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Shell Drives Spike in Oil Exploration Bids Off the Coast of Newfoundland
Shell won six exploration licenses and pledged more than $210 million in work, helping lift Newfoundland and Labrador to 10 successful offshore bids.
- On Wednesday, the Canada-Newfoundland and Labrador Offshore Energy Regulator announced 10 successful offshore oil bids totaling $260,606,000 in work commitments, the largest number of successful bids since 2000.
- London-Headquartered Shell is driving this surge in exploration, securing six licenses for more than 15,000 square kilometres with a pledge of more than $210 million in exploration work.
- The Oil and Gas Corporation of NL secured two licenses while Shell partnered with Norwegian energy giant Equinor on two additional licenses totaling $30 million in work commitments.
- Recently, Shell purchased a 30 per cent stake in Equinor's proposed Bay du Nord development, a $14 billion project about 500 kilometres off St. John's expected to extract more than 400 million barrels.
- Mines and Energy Minister Lloyd Parrott stated "oil and gas is back in business," while OilCo chief executive officer Jim Keating said securing these rights creates "alternative commercial entry points" for investors.
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Offshore energy regulator sees largest number of successful bids for oil exploration since 2000 - NTV: Newfoundland and Labrador's Most Trusted News Source
The province’s offshore energy regulator has seen a big boost in interest for oil exploration. The C-NLOER says there were 10 successful bids for parcels of land offshore, totalling more than $260 million in work commitments. It’s the largest number of successful bids since 2000. The post Offshore energy regulator sees largest number of successful bids for oil exploration since 2000 appeared first on NTV: Newfoundland and Labrador's Most Trusted…
Coverage Details
Total News Sources18
Leaning Left10Leaning Right1Center5Last UpdatedBias Distribution63% Left
Bias Distribution
- 63% of the sources lean Left
63% Left
L 63%
C 31%
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