Shell drives spike in oil exploration bids off the coast of Newfoundland

BNN Bloomberg · The Canadian Press · 2026-11-06 10:39 UTC

Shell is leading a surge in oil exploration interest off the east coast of Newfoundland and Labrador, after several years of stagnation.

ST. JOHN’S -- Shell is leading a surge in oil exploration interest off the east coast of Newfoundland and Labrador, after several years of stagnation.

The U.K. oil giant was involved in eight of 10 successful bids on exploration licenses off the east coast of Newfoundland, making this year’s call for interest the most successful in more than two decades.

Jim Keating, chief executive of OilCo, the province’s oil and gas corporation, said Shell is looking to beef up its existing interest in Equinor’s proposed Bay du Nord oil project and to possibly make new discoveries.

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