For the first time ever, the province’s Crown energy company is the actual holder of two parcels of land off eastern Newfoundland.
OilCo successfully bid on two parcels of land.
Energy Minister Lloyd Parrott expects to see exploration relatively soon given the federal and provincial governments’ desire to get things moving on such projects.
Newfoundland Orphan Basin (Government of Canada)
Oil and gas offerings over the past number of years went unanswered by industry, but this year that all changed. Shell, Equinor, and OilCo gobbled up the parcels, bidding a total of $260-million on 2.2-million hectares.
Minister Parrott says OilCo will now be able to negotiate directly with the companies. Also important is the data that the Crown corporation has on the area.
“Industry comes and looks at the data sets; we know what the best prospects are out there,” says Parrott.
“We’re looking forward to dealing directly with them (OilCo) on negotiations.”
