Offshore Exploration Incentive
“Newfoundland and Labrador. Industry, Energy and Technology”
$50,000,000.00
Maximum Eligible Amount
Government Grant
Fund Type
Exploration drilling is of highest importance to unlocking hydrocarbon potential offshore Newfoundland and Labrador (NL).
To encourage drilling, the Province is implementing the Offshore Exploration Initiative (the “Initiative”) aimed at increasing drilling of exploration wells in the NL Offshore Area. The Initiative will reimburse direct exploration well costs as follows: Well 1 – no reimbursement Well 2 – 30 per cent of cost reimbursement up to a maximum of $30M CAD Well 3 – 50 per cent of cost reimbursement up to a maximum of $50M CAD Well 4 and beyond – 0 per cent of cost reimbursement.
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