Canada offshore Newfoundland and Labrador: licencing success repeats in 2016
On 10 November 2016, Canada Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) announced the results for the 2016 call for bids. The lease sale was initiated in April with 16 blocks on offer. Results were impressive given the current price environment with Cdn$758 million (US$579 million) committed to eight blocks; four awarded in the Orphan Basin, two in the Flemish Pass and two in Jeanne d'Arc. Three of the seven 2016 participants are new entrants to Atlantic Canada, including Noble Energy, DKL and Navitas. The largest bid of Cdn$276 million was made for a 1,168 square kilometre block in the western Orphan Basin secured by BP, Hess and Noble.