ST. JOHN'S, N.L. - Four energy companies have bid a total of nearly $130 million for the right to explore in five areas of Newfoundland and Labrador's offshore.
The Canada-Newfoundland and Labrador Offshore Petroleum Board announced today that it accepted $129.9 million in bids to explore two parcels of land in the Flemish Pass Basin and three others in the Jeanne d'Arc Basin.
The oil regulator said exploration licences will go to Husky Energy (TSX:HSE), Petro-Canada (TSX:PCA), StatoilHydro Canada and Spanish company Repsol Exploracion in January, subject to several conditions including government approval.
The board says the bids represent what the companies have committed to spend in exploring the areas during a five-year period of a nine-year exploration licence.
