This accounts for the vast majority of the total $58 million committed to the 10 permits awarded,out of 14 offered, and indicates the high expectations held by the companies for block 7 in the Carson/Bonnition basin. The funds committed probably reflect the interpretation of Newfoundland's Department of Mines and Energy that the basin is host to trapping mechanisms similar to those in the Jeanne d'Arc basin, home to the Hibernia and Terra Nova fields.
Duo on song in latest Newfoundland round
A NORSK HYDRO/PetroCanada consortium has been awarded the most sought-after block in Newfoundland's latest licensing round and has committed some C$55 million ($36 million) to the project, writes Iain Esau.
15 December 2000 0:00 GMT
Updated
15 December 2000 0:00 GMT