Newfoundland & Labrador Launches Two Offshore Licensing Rounds

Regulator hits the brakes on any Jeanne d’Arc Basin acreage offerings for 2023.

Newfoundland and Labrador
A pair of new licensing rounds look to spark additional exploration in Atlantic Canada.
Source: FotografiaBasica/Getty Images

The Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) has issued calls for bids for exploration licenses in the eastern Newfoundland and south eastern Newfoundland regions. Call for Bids No. NL23-CFB01 (eastern Newfoundland region) comprises 28 parcels and a total of 7.2 million hectares, while Call for Bids No. NL23-CFB02 (south eastern Newfoundland region) comprises 19 parcels and a total of nearly 5 million hectares.

Interested parties will have until 12:00 pm Newfoundland Time on 1 November 2023 to submit sealed bids for the parcels. The awarding of exploration licenses to successful bidders is expected to occur in 2024.

Based on an assessment of nominations and land tenure considerations, the C-NLOPB has decided not to proceed with a call for bids in the Jeanne d’Arc region, which holds four producing fields, in 2023. The decision to proceed with future call for bids will be assessed on an annual basis.

The sole criterion for selecting a winning bid will be the total amount of money the bidder commits to spend on exploration of the parcel during Period I (the first period of a 9-year license). The minimum bid for the parcels offered is C$10 million in work commitments.

Detailed information about the call for bids can be found on the C-NLOPB's land issuance website.