POTENTIAL resources in excess of 50 billion barrels of oil equivalent have been identified in acreage offshore Newfoundland & Labrador in Canada currently available in a licensing round. In recent years, every time Newfoundland & Labrador offers upstream acreage to industry -known officially as a call for bids - it commissions France's Beicip-Franlab to prepare detailed geological and geophysical reports on those areas. These in-depth studies incorporate the latest 2D and 3D seismic data sets - much acquired by the province itself -along with well information. According to the latest studies, the acreage available on the eastern and the south eastern Newfoundland regions have the potential to host 50.3 billion boe. The two new resource assessments are based on fresh data covering blocks, or parcels, being offered by the Canada-Newfoundland Offshore Petroleum Board - the industry regulator -in the Orphan basin and the southern Salar basin.
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