The Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) has issued a call for bids offering ten offshore parcels in the Labrador South Region under its Scheduled Land Tenure Regime.
The C-NLOPB, responsible for the regulation of petroleum-related activity in the Canada-Newfoundland and Labrador offshore area, said on Tuesday that the NL16-CFB03 Call for Bids in the Labrador South Region consists of 10 parcels and a total of 5,669,437 acres.
The regulator added that the sole criterion for selecting a winning bid would be the total amount of money the bidder commits to spending on the exploration of the parcel during Period I, the first period of a nine-year license. The minimum bid for any parcel offered is $10,000,000 in work commitments.
Interested parties will have until either 12:00 p.m. NST (15:30 GMT) on November 8, 2017, or a minimum 120 days after the completion of an update to the Labrador Shelf Offshore Area Strategic Environmental Assessment (SEA), whichever is later, to submit sealed bids for the NL16-CFB03 parcels. The C-NLOPB said it would confirm the closing deadline at a later date.
Earlier this month, the C-NLOPB announced the results of its 2016 call for bids. The Call for Bids NL16-CFB01 in the Eastern Newfoundland Region and Call for Bids NL16-CFB02 in the Jeanne d’Arc Region offered a total of eight parcels with oil major BP being the biggest winner by scooping acreage in four parcels out of eight awarded.