British-based BG announced their partial acquisition of three exploration blocks off the coast of Newfoundland, CBC reported.
The blocks are about 200 km east of Saint John’s, the national capital.
Spain’s Repsol sold BG the stakes, which will make the company a 10-25% owner in the three blocks. The licenses are as a non-operator, with Norway’s Statoil maintaining its role as the chief developer, noted Oil & Gas Journal.
The sale is notable as it comes on the heels of Shell announcing the end of its Arctic drilling.
Low oil prices have led many oil majors to reduce their exposure to expensive cold-water operations.