The government of Newfoundland & Labrador (N&L) in Canada is looking to offload juicy stakes which the provincial oil company controls in three major offshore oilfields.

Based in St John’s, the Oil & Gas Corporation of N&L — known locally as OilCo — holds a 4.9% equity position in ExxonMobil’s 750 million-barrel Hebron project which is producing about 135,000 barrels per day of oil.