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Interest in offshore oil exploration fizzles off Canada’s most eastern coast

Each year, companies are invited to offer money to explore areas in the Atlantic Ocean for oil and gas deposits. But last week, the Canada-Newfoundland and Labrador Offshore Petroleum Board announced there were no new bids to explore the region in 2023. The lack of interest contrasts sharply with 2022, when over $238 million worth of exploration licences were awarded.