Bids for oil exploration off Newfoundland worth $117 million if approved

ST. JOHN’S, N.L. – New bids for exploration rights off Newfoundland are worth almost $117 million, the second largest total since 2007.

The Canada-Newfoundland and Labrador Offshore Petroleum Board says Shell Canada Ltd. has committed $97 million for five parcels in the Laurentian Sub-basin.

It’s a region 340 kilometres southwest of the provincial capital St. John’s.

A sixth parcel in that area received no bids.

A consortium of Husky Oil, Suncor Energy and Repsol E & P also bid almost $20 million to explore a parcel in the Flemish Pass, about 500 kilometres east of St. John’s.

The regulatory board will issue the exploration licences in January, pending government approval.