13 May 2011

Offshore board opens bids on three parcels


The Canada-Newfoundland and Labrador Offshore Petroleum Board
(C-NLOPB) announced [on May 12] the details of the 2011 Calls for Bids in the Newfoundland and Labrador Offshore Area. Calls for Bids NL11-01 (Area “B” Western Newfoundland and Labrador Offshore Region), NL11-02(Area “C” Flemish Pass/North Central Ridge) and NL11-03 (Area “C” Labrador Offshore Region) will consist of eight parcels, which comprise 1,599,295 hectares.

Interested parties will have until 4:00 p.m. on November 15, 2011 to submit sealed bids for parcels offered in Calls for Bids NL11-01, NL11-02 and NL11-03. 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 period of a nine-year licence). The minimum bid for each parcel offered in Area “C” is $1,000,000 and for Area “B”, $100,000.

- srbp -