2021 Labrador South Region (Chidley Basin)
In 2021, the C-NLOPB held a Call for Bids in the Labrador South region (NL16-CFB03). Detailed information on the Call for Bids can be found here.
In advance of the land sale, Beicip-Franlab completed a resource assessment which OilCo released in October 2021. The basin model shows high oil and gas potential in a large number of structural and stratigraphic traps. The Chidley Basin, located in the Labrador South region, shows a potential of 21.9 billion barrels of oil equivalent (P50 unrisked volumes).
The 2021 license round (which included 10 parcels) was the first held for the newly imaged and defined Chidley Basin.
This region is covered by a dense 5km by 5km 2D seismic grid acquired by TGS and PGS and OilCo. Two 3D seismic surveys in 2019 and 2020, partially cover five of the blocks.
Beicip-Franlab, in collaboration with OilCo, completed another resource assessment for the Labrador South region in 2025 (Hawke Basin). Further information on the 2025 resource assessment is available here.