The Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) has issued two calls for bids in the Eastern Newfoundland and Jeanne d’Arc offshore regions.
C-NLOPB, responsible for the regulation of petroleum-related activity in the Canada-Newfoundland and Labrador offshore area, made a call for the submission of bids for thirteen parcels in the Eastern Newfoundland region, and three parcels in the Jeanne d’Arc offshore region.
The first region – call for bids NL16-CFB01 – consists of a total of 2,949,252 hectares, and the second one – call for bids NL16-CFB02 – of a total of 354,552 hectares.
According to the board, interested parties will have until 12:00 p.m. NST on November 9, 2016 to submit sealed bids for the parcels offered in Call for Bids NL16-CFB01 and NL16-CFB02.
C-NLOPB noted that the sole criterion for selecting a winning bid would be the total amount of money the bidder commits to spend on exploration of the parcel during Period I (the first period of a nine-year licence), with minimum bid for the parcel offered being $10 million in work commitments.
In submitting a work expenditure bid, the bidder commits to spend at least 95% of the work expenditure bid on exploration of the respective parcel.
Further, there is no obligation for the bidder to include or to commit to spend money during Period I on research and development or education and training, as part of the work expenditure bid.