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Interest in offshore oil exploration fizzles off Canada's most eastern coast

No companies wanted to pay to search for fossil fuels off Newfoundland and Labrador's coast this year. Each year, companies are invited to offer money to explore areas in the Atlantic Ocean for oil and gas deposits. But last week, the Canada-Newfoundland and Labrador Offshore Petroleum Board announced there were no new bids to explore the region in 2023. The lack of interest contrasts sharply with 2022 when over $238 million worth of exploration licences were awarded by the provincial-federal regulator.

November 8, 2023

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