With the acquisition of 100% working interest of Exploration Licenses 1144 and 1150 in the Flemish Pass Basin, CNOOC International has developed a promising portfolio offshore Newfoundland and Labrador. The Flemish Pass Basin has proven world-class source rocks, providing a large hydrocarbon potential on which we aim to build long-term, sustainable success in the region.
CNOOC International has a breadth of experience from our significant offshore operations in the United Kingdom’s side of the North Sea, Nigeria, the Gulf of Mexico and Trinidad and Tobago. We are leveraging this experience as we prepare for operations in the Flemish Pass Basin.
Following the license awards CNOOC International licensed multi-client 3D broadband seismic over both EL 1144 and EL 1150. We gained great insight into the potential of the two licenses and are continuing to evaluate the data and progress a comprehensive exploration plan for both licenses.
We submitted a Project Description and the follow up Environmental Impact Statement (EIS) to the Canadian Environmental Assessment Agency (CEAA) in 2017 and 2018 respectively. We are currently addressing additional Information Requirements as part of the ongoing regulatory process. A broad multidiscipline team has been mobilized and well planning, contracting and operational preparedness are all well underway.
We plan to progress into exploration drilling once planning is complete and regulatory approval is received.