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UK supermajor BP was the big winner in the latest call for bids from the Canada-Newfoundland & Labrador Offshore Petroleum Board (C-NLOPB) for deep-water tracts off Eastern Newfoundland and in the Jeanne d'Arc basin. C-NLOPB collected a total of just under C$758 million (US$565.3 million) in work commitments from operators looking to explore the promising frontier region. Bidders were required to offer at least C$10 million in work commitments for an initial nine-year license. Off Eastern Newfoundland, C-NLOPB attracted seven total bids and awarded six parcels in the licencing round. The biggest bid was a $C276.3 million bid for the 233,654-hectare Parcel 3. BP's Canadian subsidiary will operate on 50% with Hess and Noble Energy both on 25%.
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UK supermajor BP was the big winner in the latest call for bids from the Canada-Newfoundland & Labrador Offshore Petroleum Board (C-NLOPB) for deep-water tracts off Eastern Newfoundland and in the Jeanne d'Arc basin. C-NLOPB collected a total of just under C$758 million (US$565.3 million) in work commitments from operators looking to explore the promising frontier region. Bidders were required to offer at least C$10 million in work commitments for an initial nine-year license. Off Eastern Newfoundland, C-NLOPB attracted seven total bids and awarded six parcels in the licencing round. The biggest bid was a $C276.3 million bid for the 233,654-hectare Parcel 3. BP's Canadian subsidiary will operate on 50% with Hess and Noble Energy both on 25%.
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