Newfoundland: Eight offshore parcels offered

By OGJ editors
– Eight parcels in three basins are being offered in a call for bids by the Canada-Newfoundland and Labrador Offshore Petroleum Board.

Bid deadline is Nov. 15, 2011, for four parcels off northern Labrador, two off western Newfoundland, and two in the Flemish Pass/North Central Ridge area. The eight parcels total 1.6 million hectares.

The sole criterion for chosing the winning bids will be the bidder’s total proposed exploration outlay in the first period of a 9-year license, during which a well must be spudded to validate the license for the full 9-year term. Minimum bids are $1 million at Flemish Pass and $100,000 off western Newfoundland.

The call for bids contains provisions for rentals during the term of an exploration license and during the term of any resulting significant discovery license.

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