by Tina Olivero

    $38.6 million in bids for Offshore Newfoundland

    November 6, 2019

    The Honourable Siobhan Coady, Minister of Natural Resources, responded to the announcement that bids for exploration licenses offshore have been received as a result of the most recent calls for bids in the South Eastern Newfoundland Region and Jeanne d’Arc Regions, both located in the Canada-Newfoundland and Labrador Offshore Area. There was a cumulative total of $38.6 million in bids. The Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) released the successful bids today at www.cnlopb.ca/news/nr20191106/  .

    “We are pleased with the news that a total of $38.6 million have been received in the calls for bids released today. While results vary each year, all commitments to explore our offshore are significant as we work to meet our goals of over 100 new exploration wells drilled by 2030. We are continuing to add to our geoscience storyboard and to expand on the already incredible potential that exists in our offshore. The most recent oil and gas resource assessment identified an additional 3 billion barrels of oil and 5.8 trillion cubic feet of gas potential offshore Newfoundland. We are positioning the province as an internationally preferred location for oil and gas exploration and development – one that values safety and environmental responsibility, works together with all industries that depend on our ocean, including the fishing industry, and maximizes benefits to the people of the province,” said Honourable Siobhan Coady, Minister of Natural Resources for Newfoundland and Labrador.

    In less than nine per cent of the province’s offshore, there is a combined resource potential of 52.2 billion barrels of oil and 199.6 trillion cubic feet of gas. There have been eight new entrants in the past three years and $3.9 billion in recent exploration work commitments.

    An immediate priority of government is to drive exploration in the oil and gas industry as presented in Advance 2030 – The Way Forward on Oil and Gas which was developed to position Newfoundland and Labrador as a globally preferred location for oil and gas development. The Way Forward outlines all actions the Provincial Government is taking to achieve a strong, diversified province with a high standard of living, and can be viewed at thewayforward.gov.nl.ca.

    Newfoundland and Labrador has four producing fields, more than 650 leads and prospects, and an ongoing, world-class seismic program with more than 20 basins mapped.

    SOURCE: CNLOPB and Government of Newfoundland and Labrador

    Tina Olivero

    30 years ago, Tina Olivero looked into the future and saw an opportunity to make a difference for her province and people. That difference came in the form of the oil and gas sector. Six years before there was even a drop of oil brought to the shores of Newfoundland, she founded The Oil and Gas Magazine (THE OGM) from a back room in her home on Signal Hill Road, in St. John’s, Newfoundland. A single mother, no financing, no previous journalism or oil and gas experience, she forged ahead, with a creative vision and one heck of a heaping dose of sheer determination. With her pioneering spirit, Ms. Olivero developed a magazine that would educate, inspire, motivate and entertain oil and gas readers around the world — She prides herself in marketing and promoting our province and resources in unprecedented ways. The OGM is a magazine that focuses on our projects, our people, our opportunities and ultimately becomes the bridge to new energy outcomes and a sustainable new energy world. Now diversifying into the communications realms, a natural progression from the Magazine, The OGM now offers an entirely new division - Oil & Gas Media. Today, The Oil and Gas Magazine is a global phenomenon that operates not only in Newfoundland, but also in Calgary and is read by oil and gas enthusiasts in Norway, Aberdeen, across the US and as far reaching as Abu Dhabi, in the Middle East. Believing that Energy is everyone’s business, Ms. Olivero has combined energy + culture to embrace the worlds commitment to a balance of work and home life as well as fostering a foundation for health and well being. In this era of growth and development business and lifestyle are an eloquent mix, there is no beginning or end. Partnering with over 90 oil and gas exhibitions and conferences around the world, Ms. Olivero's role as a Global Visionary is to embrace communication in a way that fosters oil and gas business and industry growth in new and creative ways.

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