Four successful bids from four oil companies have been received by the Canada-Newfoundland and Labrador Offshore Petroleum Board. The four oil companies have pledged to spend nearly $130 million on five different areas off of Newfoundland's east coast. A partnership between Petro-Canada and StatoilHydro Canada is the most significant bid. The partnership has pledged to spend $81.9 million over the next five years on a parcel west of the existing White Rose oilfield.
Aker Solutions has completed a deal with EnCana for the transportation and installation of wellhead protection structures on the Deep Panuke development, off Nova Scotia.
Irving Oil may slow the construction process on its planned $7 billion new refinery, dubbed Eider Rock, in Saint John, New Brunswick. Irving is contemplating breaking the project into two 150,000 bpd parts with each part costing $4 billion and each taking up to four years to complete. Construction would begin in 2011. Irving has partnered with BP on the design and engineering for this project which, when complete, would be the first new refinery constructed in North America in decades.