There was some movement in the province's offshore oil play today when the Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) announced two calls for bids in the Flemish Pass/Central Ridge region of the Newfoundland and Labrador Offshore Area.
According to a news release, Call for Bids NL10-02 consists of two parcels, which comprise 327,372 hectares, and Call for Bids NL10-03 consists of one parcel, which comprises 3,773 hectares and offers one significant discovery licence.
Interested parties will have until 4 p.m. on Nov. 30 to submit sealed bids for the two parcels offered in Call for Bids NL10-02. The sole criterion for selecting winning bids will be the total amount of money the bidder commits to spend on exploration of the respective parcel during Period I (the first six years of a nine-year licence). The minimum bid for each parcel offered in Call for Bids NL10-02 is $1 million.
Interested parties will have until 4 p.m. on Nov. 30, 2010 to submit sealed bids for the one parcel offered in Call for Bids NL10-03. For the purpose of assessing and selecting a bid, the sole criterion to be used for this parcel will be the highest total amount of money bid, in the form of a one time non-refundable payment to the Receiver General. This parcel has also been previously assessed to identify any mitigative measures that may be required in relation to exploration activity. Subject to Ministerial approval, the successful bidder will be issued a significant discovery licence with terms and conditions similar to those in the sample significant discovery licence described in Call for Bids NL10-02. This is the first time a significant discovery licence has been offered since Call for Bids NF88-01.
A call for bids in the Jeanne d'Arc Basin was announced by the C-NLOPB on April 20 and closes at 4 p.m. on Nov. 17.
Offshore petroleum board announces call for bids in Flemish Cap area
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Published on
July 6, 2010
- Published on July 20, 2010
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Staff ~ The Telegram
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