The Canada-Newfoundland Labrador Offshore Petroleum Board did not receive a single bid during its recent Call for Bids in the Labrador South Region.
Then parcels totaling over 2 million hectares were offered up.
Industry analyst Rob Strong says bids closed yesterday with no takers.
Strong says seismic estimations from Nalcor show approximately 21.9 billion barrels in the area.
He’s disappointed by the news, but not surprised.
He says the south coast of Labrador is a difficult place to drill, because of it’s distance from supply bases and being situated in Iceberg Ally.
