Newfoundland and Labrador's ambition to become the next North Sea or Gulf of Mexico hasn't been hindered by the crash in oil prices to $45 a barrel.
Next month, the eastern Canadian province plans to sell exploration rights to 11 offshore blocks in its first ever scheduled auction, said Ed Martin, chief executive officer of the province-owned oil company Nalcor Energy.
The area, where oil platforms must contend with icebergs and huge waves, holds about 12 billion barrels of oil and 113 trillion cubic feet of natural gas.
Source: www.houstonchronicle.com
