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Commodity Pricing

Noia CEO Comments on 2020 Call for Bids

(St. John’s, NL – November 5, 2020) Please find below a statement from Noia CEO Charlene Johnson regarding the results of the 2020 Call for Bids by the Canada-Newfoundland and Labrador Offshore Petroleum Board.

“In a typical year, with the geologic and scientific information that was available to those interested in bidding on offshore land parcels, this should have been an exceptional bid round. However, this is anything but a typical year and certainly not an exceptional bid round. Global investment is down in the industry and while we understand some jurisdictions have had low levels of exploration investment, such investment is taking place. Once again, we only need to look to Norway and the UK where 33 and 65 companies respectively bid on offshore land parcels in September. While our prospectivity remains world class, it is Noia’s understanding this poor bid round result was due to a combination of scarce capital and other jurisdictions being more competitive with shorter development times, consistent policy and regulations, and financial incentives.

It was good to see BP Canada once again bidding and committing to the Newfoundland and Labrador offshore. Our focus must now shift to ensuring we have an appropriate climate to encourage exploration in their awarded area.

Exploration drives our industry. It creates jobs, economic spinoff, and benefits Noia members and the province. Most importantly, it leads to discoveries and offshore projects. We need to focus on getting to that place and getting there in a timely manner.”
• Charlene Johnson, CEO, Noia

The Newfoundland and Labrador Oil and Gas Industries Association (Noia) was founded in 1977 to represent the supply and service sector of the offshore oil and gas industry. Today, Noia represents almost 500 member organizations worldwide which are involved in, or benefit from, the oil and gas industry of Newfoundland and Labrador. Noia members are a diverse representation of businesses that range from offshore supply boats and helicopters, health and safety equipment and training, engineering solutions and fabricators to law firms.