Shell's offshore bids could open Flemish Pass to major exploration

Shell Canada's heavy participation in Newfoundland and Labrador's latest offshore land sale could open the Flemish Pass to exploration, says St. John's analyst Rob Strong, calling it a "basin opener." The offshore regulator announced 10 successful bids on Nov. 4, worth more than $260.6 million in work commitments across 2.2 million hectares, the most winning bids since 2000. Shell was involved in eight, including two with Equinor, its partner on the proposed Bay du Nord project. Provincial Crown corporation OilCo won two Orphan Basin parcels and plans to seek partners. Shell said securing acreage does not commit it to drilling.