In 2013 a scheduled land tenure system was implemented to provide increased timeframes for calls for bids in more frontier areas of the Canada-Newfoundland and Labrador Offshore Area. The offshore area has been divided into eight regions which have been individually categorized as either low activity, high activity, or mature, based on the level of oil and gas exploration and development activities.
The first license round closed in late 2015 and future license rounds are scheduled through 2020. Each round follows the same process with detailed independent resource assessments being conducted over relevant areas with results released prior to bid closing, ensuring the global industry have a scientifically quantified view of the potential of the blocks on offer. Each area covered by the resource assessment is approximately 2 percent (20,000 square kilometres) of Newfoundland and Labrador’s offshore basin area.
This phased and systematic approach will ensure a full evaluation of all the offshore basins over time with timely results delivered to industry prior to bidding.