The Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) has issued a Call for Bids for Exploration Licences over 102,872 km2 in the Eastern Newfoundland Region. The 41 parcels have been made available for interested parties that will be selected according to the total amount of money the bidder commits to spend on exploration of the parcel during Period I (the first six years of a nine-year license), with a minimum bid of CAD10m (US$7.3m) in work commitments per parcel. For any lands entirely or partially beyond Canada’s 200 nautical mile zone, additional requirements to participate may be applied. Of the 41 parcels, 32 were made available under previous Calls for Bids or relinquishment of lands that have subsequently reverted to Crown reserve while the remaining 9 are new and were designed over Sector NL06-EN, with consideration given to stakeholder input from a previous call for nominations.
In February 2024, Canada seized control of all 227 offshore oil and gas exploration and production permits off its Pacific coast through a voluntary relinquishment process of the last remaining oil and gas permits in the area. At the end of 2022, Canada had the third largest proven oil reserves with over 26,500 Mt and 2,471 bcm of gas reserves.
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