ST. JOHN’S, N.L.—Newfoundland and Labrador’s offshore oil regulator has announced a revamped land tenure system that the province says will encourage exploration and attract more investment.
Natural Resources Minister Derrick Dalley says the new scheduled land tenure regime will allow more time to gather and assess seismic data.
He says the new system will increase the provincial offshore sector’s ability to compete globally.
The Canada-Newfoundland and Labrador Offshore Petroleum Board says the land tenure system will now operate in four-year, two-year and one-year cycles based on the level of activity.
Companies interested in exploring regions with the least activity will now have up to 48 months to assess parcels in lesser known basins.
Premier Kathy Dunderdale said last June that the land tenure system was outdated and often forced new players to decide on offshore bids within seven months.