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BP plc (BP) Expands Footprint in Offshore Newfoundland
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U.K. supermajor BP plc (BP - Free Report) emerged as a big winner in the latest call for bids by the Canada-Newfoundland & Labrador Offshore Petroleum Board (“C-NLOPB”) for deep-water zones off Eastern Newfoundland and the Jeanne d'Arc basin.
An amount of nearly C$758 million (US$565.3 million) was collected by C-NLOPB in work commitments from operators that intend to explore the promising frontier region.
A minimum amount of C$10 million was required for the bidders to offer in work commitments for an initial nine-year license.
A total of six parcels were awarded by the C-NLOPB off eastern Newfoundland for the seven bids made in the licensing round.
The bid for the 233,654-hectare Parcel 3 was the biggest and attracted C$276.3 million. The parcel will be operated by BP’s Canadian subsidiary with a stake of 50%. Other partners in the parcel are Hess Corporation (HES - Free Report) and Noble Energy, Inc. , each with 25%.
The three parties – BP, Noble Energy and Hess – also joined in to bid about C$125.2 million on the 252,482 hectare Parcel 8 as well as committed C$12 million to the 192,807 hectare Parcel 4.
BP and Noble Energy will have a stake of 60% and 40%, respectively, in Parcel 10 – a 264,249 hectare tract.
Parcel 13 – a 169,578 hectare tract – saw Chinese firm Nexen Energy gain complete ownership by bidding C$40.2 million in work commitments.
Parcel 7 – a 202,138-hectare tract – saw Navitas Petroleum and DKL Investments jointly bidding C$48 million. Upon winning the bid the companies gained stake of 30% and 70%, respectively. .
C-NLOPB awarded two parcels in the Jeanne d'Arc basin spanning across 353,843 hectares. A total of three bids were received.
Husky Energy won blocks – Parcel 1 and Parcel 2 – with a 100% stake. It bid C$155 million on Parcel 1 (138,339 hectares) and C$89 million on Parcel 2 (73,235 hectares).
In Jan 2017, the successful bidders will receive exploration licenses from C-NLOPB.
SunCoke Energy posted a positive earnings surprise of 177.78% in the preceding quarter. It reported a positive earnings surprise in three of the four preceding quarters.
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BP plc (BP) Expands Footprint in Offshore Newfoundland
U.K. supermajor BP plc (BP - Free Report) emerged as a big winner in the latest call for bids by the Canada-Newfoundland & Labrador Offshore Petroleum Board (“C-NLOPB”) for deep-water zones off Eastern Newfoundland and the Jeanne d'Arc basin.
An amount of nearly C$758 million (US$565.3 million) was collected by C-NLOPB in work commitments from operators that intend to explore the promising frontier region.
A minimum amount of C$10 million was required for the bidders to offer in work commitments for an initial nine-year license.
A total of six parcels were awarded by the C-NLOPB off eastern Newfoundland for the seven bids made in the licensing round.
The bid for the 233,654-hectare Parcel 3 was the biggest and attracted C$276.3 million. The parcel will be operated by BP’s Canadian subsidiary with a stake of 50%. Other partners in the parcel are Hess Corporation (HES - Free Report) and Noble Energy, Inc. , each with 25%.
The three parties – BP, Noble Energy and Hess – also joined in to bid about C$125.2 million on the 252,482 hectare Parcel 8 as well as committed C$12 million to the 192,807 hectare Parcel 4.
BP PLC Price
BP PLC Price | BP PLC Quote
BP and Noble Energy will have a stake of 60% and 40%, respectively, in Parcel 10 – a 264,249 hectare tract.
Parcel 13 – a 169,578 hectare tract – saw Chinese firm Nexen Energy gain complete ownership by bidding C$40.2 million in work commitments.
Parcel 7 – a 202,138-hectare tract – saw Navitas Petroleum and DKL Investments jointly bidding C$48 million. Upon winning the bid the companies gained stake of 30% and 70%, respectively. .
C-NLOPB awarded two parcels in the Jeanne d'Arc basin spanning across 353,843 hectares. A total of three bids were received.
Husky Energy won blocks – Parcel 1 and Parcel 2 – with a 100% stake. It bid C$155 million on Parcel 1 (138,339 hectares) and C$89 million on Parcel 2 (73,235 hectares).
In Jan 2017, the successful bidders will receive exploration licenses from C-NLOPB.
BP currently has a Zacks Rank #3 (Hold). A better-ranked player from the same sector is SunCoke Energy Inc. (SXC - Free Report) , which sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
SunCoke Energy posted a positive earnings surprise of 177.78% in the preceding quarter. It reported a positive earnings surprise in three of the four preceding quarters.
Zacks’ Best Private Investment Ideas
In addition to the recommendations that are available to the public on our website, how would you like to follow all Zacks' private buys and sells in real time?
Our experts cover all kinds of trades… from value to momentum . . . from stocks under $10 to ETF and option moves . . . from stocks that corporate insiders are buying up to companies that are about to report positive earnings surprises. You can even look inside exclusive portfolios that are normally closed to new investors. Starting today, for the next month, you can have unrestricted access. Click here for Zacks' private trades >>