Newfoundland and Labrador 2016 licence round launch
On 7 April 2016, the Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) announced its 2016 call for bids. Sixteen blocks are on offer in offshore Newfoundland and Labrador covering over 3.3 million hectares (8.2 million acres). Of particular interest are nine frontier resource blocks located along the eastern extent of the Orphan Basin. While the official round launch was in April, the regional resource assessment was released in August which showed estimated P50 in place resources of 25.5 bnbbl of oil and 20.6 tcf of gas. We expect high interest in this round of bidding due to the wealth of upfront data available to bidders as well as the relatively high probability of geological success for a frontier level play.