$822-million exploration bid forfeited,

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$822-million exploration bid forfeited, Brazil questions plans for offshore NL
Brazil says a massive exploration bid in Newfoundland and Labrador’s offshore oil and gas industry is set to be abandoned, which raises serious concern over the future of the industry.
Wednesday, September 21, 2022

(September 21, 2022, St. John’s) – David Brazil, PC Official Opposition Leader and MHA for Conception Bay East-Bell Island, says a massive exploration bid in Newfoundland and Labrador’s offshore oil and gas industry is set to be abandoned, which raises serious concern over the future of the industry.

As reported by allNewfoundlandLabrador, Woodside Energy is expected to abandon two exploration licenses in our offshore, valued at $822 million. Brazil is concerned about the exit and what it means for the future of the industry in our province.

“The news of plans for such a massive exploration bid being shelved is troubling news for our province. The Federal Liberals have made it clear they do not see a future for our industry, and the Furey Liberals have been content to back up their Federal cousins,” said Brazil.

“This news sends chills throughout the oil and gas industry, which is concerning for future and current projects. Despite seeing the potential when the exploration bids were made in 2018, now companies are taking major financial hits to exit the industry. The oil and gas industry will remain an economic driver for our province in the decades ahead. Today’s news casts doubt on the future of our industry.”

Brazil is calling on the Premier to explain his vision for the offshore oil and gas industry in Newfoundland and Labrador.

“Exploration bids are being cancelled, Ottawa is looking for ways to ensure there are no more oil and gas projects are approved in our offshore, and no more exploration will be done in the near future with the Liberals chopping of the seismic exploration budget,” said Brazil.

“These are not the signs of an industry supported by this government.”

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