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  • New Oil Basin in Newfoundland Offshore

    There’s a new basin offshore Newfoundland following a land sale to oil companies which closed yesterday.

    In total, eight parcels of land were awarded out of a possible 16. The work committed could amount to about $750-million to drill wells over the next six years.

    Industry consultant Rob Strong says British Petroleum Canada came out the big winner with a 50 per cent stake in four of the bids. He also says a new basin has been created.

    It’s further out than the Flemish Pass in deep water. He says it’s very encouraging to see a company like BP interested in the deep water area.

    Noia President Bob Cadigan says they welcome record-breaking land sale results in the province’s offshore.

    Cadigan says it’s very good news and shows a lot of faith in offshore potential.

    He says everyone knows the industry is in a downturn, and international investment in exploration is down, but despite that, they’ve seen three quarters of a billion dollars in investment, which says a lot about our prospectivity.

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