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Canada offshore Newfoundland and Labrador: licencing success repeats in 2016

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16 November 2016

Canada offshore Newfoundland and Labrador: licencing success repeats in 2016

Report summary

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.  

Table of contents

  • Executive summary
    • New entrants in the Orphan sub-basin
    • Nexen returns to the Flemish Pass
    • Husky expands position in Jeanne d'Arc
    • West Orphan sub-basin
    • Flemish Pass sub-basin
    • Jeanne d`Arc sub-basin
      • Significant discoveries offshore Newfoundland and Labrador
      • Fiscal terms and economic analysis
        • Combination of success rates and hurdle rates of return to generate breakeven EMV
      • Appendix

Tables and charts

This report includes 6 images and tables including:

  • 2016 Newfoundland and Labrador successful bids
  • Canada offshore Newfoundland and Labrador: licencing success repeats in 2016: Image 2
  • Canada offshore Newfoundland and Labrador: licencing success repeats in 2016: Table 1
  • Canada offshore Newfoundland and Labrador: licencing success repeats in 2016: Table 2
  • Canada offshore Newfoundland and Labrador: licencing success repeats in 2016: Image 3
  • Canada offshore Newfoundland and Labrador: licencing success repeats in 2016: Image 4

What's included

This report contains:

  • Document

    2016 Newfoundland and Labrador lease sale results.xls

    XLS 319.00 KB

  • Document

    Canada offshore Newfoundland and Labrador: licencing success repeats in 2016

    PDF 1.87 MB

  • Document

    Canada offshore Newfoundland and Labrador: licencing success repeats in 2016

    ZIP 1.98 MB

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