CAPP Statement: Delay Pertaining to the Issuance of the 2022 Call for Bids

March 24, 2022 – St. John’s, Newfoundland and Labrador

The Canadian Association of Petroleum Producers (CAPP) is looking forward to the issuance of the 2022 Call for Bids. The parcels that are expected to be offered are in an area of interest to industry for future exploration. Any delay in the process is a concern and creates uncertainty for potential investors.

Exploration is critical for the future of Newfoundland and Labrador’s oil and gas industry and its ability to supply responsibly produced resources to meet growing global demand. Facilitating access to lands to explore and eventually develop discovered resources will benefit the province and the world as Newfoundland can provide a secure source of energy globally.

Newfoundland and Labrador’s offshore industry is part of the solution to a lower carbon energy future as well as to the long-term diversification of NL’s economy. Oil and natural gas will continue to be an important part of the world’s energy mix for the foreseeable future. Supplying affordable, reliable and cleaner energy to a growing global population will continue to be the goal of Canada’s energy industry.

• Paul Barnes, Director, Atlantic Canada & Arctic, CAPP