Results from the most recent round of licence bids reveal that ExxonMobil, one of the world's largest oil companies, continues to see a future in Newfoundland and Labrador's offshore industry. © Terry Roberts/CBC Jim Keating is CEO of Newfoundland and Labrador's government-owned oil and gas corporation. Results of the latest bid round were announced Wednesday by the Canada-Newfoundland and Labrador Offshore Petroleum Board, which regulates the offshore oil industry. Keating said he was disappointed in the lack of bids but believes future land sales may have a more positive result. Parsons defended the provincial government's eagerness to build the offshore oil sector, saying there remains a strong demand for oil products and Newfoundland and Labrador offers the ideal balance of low-emission oil production, affordability and secure access.

Source: CBC News November 04, 2022 03:24 UTC