Petroleum Exploration Enhancement Program

Overview of the Petroleum Exploration Enhancement Program program:

The Petroleum Exploration Enhancement Program (PEEP) is designed to stimulate and support petroleum exploration in Newfoundland and Labrador. Administered by the provincial government, the program aims to enhance the province’s geological knowledge and attract new investments into the onshore petroleum sector. Through financial assistance, PEEP helps companies reduce exploration costs, enabling them to undertake more extensive and technically advanced exploration activities.

Benefits of the Petroleum Exploration Enhancement Program program:

• Financial Support: PEEP offers up to 75% of eligible exploration costs, reducing the financial burden on companies.
• Risk Mitigation: By sharing the financial risk, the program encourages companies to engage in exploration activities they might otherwise find too costly.
• Enhanced Exploration: With reduced costs, companies can expand the scope of their projects, potentially leading to greater discoveries.
• Attraction of Investment: Successful exploration projects can attract further investment into Newfoundland and Labrador's petroleum sector.
• Improved Geological Knowledge: The program contributes to a better understanding of the province's onshore petroleum potential.

Eligibility criteria of the Petroleum Exploration Enhancement Program program:

• Geographical Focus: Companies must conduct exploration activities within Newfoundland and Labrador.
• Eligible Applicants: Petroleum exploration companies with valid exploration licenses in the province.
• Eligible Activities: The program covers activities such as seismic surveys, drilling, and other exploration-related operations.
• Exclusions: Administrative, legal, and financing costs are not covered by the program.