The Stena Forth rig set to drill up to two wells in the Newfoundland offshore is currently sitting off Bay Bulls.

It’s one of the few encouraging developments in the local oil and gas sector.

Local industry consultant Rob Strong says CNOC—or the China National Oil Company—will be conducting the only exploration activity in the offshore this year.

CNOC bought a Canadian company and bid on the rights of two blocks of acreage in the Flemish Pass.

The Pelles well has been listed by two separate international industry publications as among the 20 key wells to watch.