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Commodity Pricing

Energy NL CEO Comments on Successful 2022 Call for Bids

(St. John’s, NL – November 3, 2022) On November 2, the Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) released the results of the 2022 Call for Bids process. Five successful bids were received totaling $238,075,321. Energy NL is encouraged by the results and the positive outlook it illustrates for the offshore oil and gas industry.

“The results of the 2022 call for bids are encouraging for several reasons. We have an operator with a proven history in our offshore, ExxonMobil Canada, again demonstrating its commitment to our offshore sector. A relatively new entrant to our offshore, bp Canada, has also signalled their continued interest in offshore Newfoundland and Labrador with a sole bid and three joint bids. Further, Equinor has three successful bids in this process which highlights their interest in becoming an operator in our waters. Interest in our offshore sector remains vibrant and I look forward to the exploration campaigns of these operators commencing. Those programs account for hundreds of jobs and millions of dollars in investment, along with significant opportunities for Energy NL members in the supply and service sector.”
• Charlene Johnson, Energy NL CEO

The five successful bids were for parcels in the Eastern Newfoundland Region. The sole criterion for awarding the parcels is the total amount committed by the bidder to spend on exploration during the first six years of a nine-year licence.

“Given the world leading ESG standards of our industry, our lower carbon product, skilled workforce, history of success, and being at tidewater and proximity to European and US markets, Newfoundland and Labrador is continuing its momentum as a clean energy leader and remains an attractive place to produce energy. I am confident we will for decades to come.”
• Charlene Johnson, Energy NL CEO

Further information on the 2022 Call for Bids results can be found here.

Energy NL represents approximately 460 member organizations worldwide which are involved in the energy sector. Members are active in all areas of the supply and service sector and include a diverse representation of businesses that range from offshore supply vessels and helicopters, carbon reduction and sustainable technologies, health and safety equipment and training, engineering solutions and fabricators to law firms and human resource agencies.