Government Grant
Offshore Exploration Incentive
Exploration drilling is of highest importance to unlocking hydrocarbon potential offshore Newfoundland and Labrador (NL).
- 4.5/5.0
- Newfoundland and Labrador. Industry, Energy and Technology
- All levels
- Last updated 3 years ago
- English
Description
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.