The Canada-Newfoundland and Labrador ƶijϻ Petroleum Board (C-NLOPB) announced details of a Call for Bids in the Canada-Newfoundland and Labrador ƶijϻ Area. , consists of one parcel equaling 108,938 hectares (area shown in yellow on map at right).
Prospective bidders are advised that work is ongoing to complete the Eastern Newfoundland Strategic Environmental Assessment (SEA) and this Call for Bids will not close until at least 120 days after completion of the SEA. The Board will consider any recommendations made in the SEA report and, where necessary, may amend the Call for Bids. Any mitigative measures identified in the SEA report will have to be addressed prior to the commencement of exploration work to be conducted on this parcel.
Subject to Ministerial approval, successful bidders will be issued an exploration license for a term of nine years. 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 the first six years (Period I). The minimum bid for this parcel is C$10,000,000.
The Call for Bids contains a sample exploration license and the applicable terms and conditions including allowable expenditures, drilling deposits, and the sample form of any resulting significant discovery license. It also contains provisions for rentals during the term of the exploration license and during the term of any resulting significant discovery license.
Notification of any changes made to this Call for Bids will be posted on the .
