BP, Husky win Newfoundland acreage

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


Current News

Offshore Drilling Waste Management Support Tighter Regulations

Offshore Drilling Waste Management Support Tighter Regulations

Oceaneering Awarded Work in Mozambique

Oceaneering Awarded Work in Mozambique

Wight Shipyard Breaks Into Offshore Wind

Wight Shipyard Breaks Into Offshore Wind

Leadership Changes at Equinor

Leadership Changes at Equinor

Potential Norway Oil Strike Looms

Potential Norway Oil Strike Looms

Equinor Wraps Up Carcará Deal in Brazil

Equinor Wraps Up Carcará Deal in Brazil

BP Rig Arrives On Site Despite Protests

BP Rig Arrives On Site Despite Protests

Subscribe for OE Digital E‑News

OE Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week