BP, Husky win Newfoundland acreage

OE Staff
Wednesday, November 8, 2017

BP and Husky Energy have been awarded acreage in the Jeanne d’Arc Basin offshore eastern Canada.

The two companies bid approximately US$11.8 million (CAD$15 million) for the first of three parcels of 784,329 acres (317,407 hectares) offered by the Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) in its Call for Bids NL17-CFB01. Their bid was the only one submitted. Parcel 1 contains 300,116 acres (121,453 hectares).

The companies’ bid was accepted based on the total amount of exploration spending they planned during the first period of a nine-year license. The minimum acceptable bid for each parcel is $7.5 million (CAD $10 million) in work commitments.

C-NLOPB will award the new license to BP (50%) and Husky Oil (50%) in January 2018; subject to the bidder receiving Ministerial approvals.

In November last year, C-NLOPB awarded two parcels in the Jeanne d-Arc region to Husky at a total value of $181 million (CAD$244 million).

Read more:

Winners named for C-NLOPB bid round

C-NLOPB calls Jeanne d’Arc bids

Categories: North America Canada

Related Stories

Floatel Secures Longer Stay for Accommodation Rig off Australia

Floatel Secures Longer Stay for Accommodation Rig off Australia

Industry Consortium to Asses Floating Nuclear Plants for Mediterranean Sea

Industry Consortium to Asses Floating Nuclear Plants for Mediterranean Sea

Shell Rules Out BP Acquisition, Bound by UK Regulations

Shell Rules Out BP Acquisition, Bound by UK Regulations

Current News

Floatel Secures Longer Stay for Accommodation Rig off Australia

Industry Consortium to Asses Floating Nuclear Plants for Mediterranean Sea

Longitude Lines Up More Work at Shell’s West Delta Deep Concession off Egypt

MeyGen Tidal Energy Tech Sets New Operational Record

Subscribe for OE Digital E‑News

Offshore Engineer Magazine