ST. JOHN'S, N.L. — A newly released study says the resource potential of 11 offshore parcels in the Flemish Pass off Newfoundland and Labrador is 12 billion barrels of oil and 113 trillion cubic feet of gas.
Premier Paul Davis says the parcels are up for bid in a licensing round scheduled to close in November.
Davis says the oil is in an area that represents just two per cent of the province's entire offshore.
The scientific data was included in a study completed by Beicip-Franlab, an international petroleum consultancy firm based in Paris.
The government says the oil and gas potential identified in the study shows there is the potential for several developments about the size of the Hibernia oil development, which is the province's largest.
The Canadian Press
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