Offshore staff
ST JOHN'S, Newfoundland and Labrador -- The Canada-Newfoundland and Labrador Offshore Petroleum Board has published the results of the 2006 Call for Bids NL 06-1 and NL 06-3 for exploration rights offshore Newfoundland and Labrador. Bids closed Nov. 15.
The board received bids for six of the eight parcels offered. Three of the successful bid parcels are in the Jeanne d'Arc basin. The remaining three are offshore western Newfoundland.
The bids represent expenditures bidders have committed for exploration in the initial five-year period of a nine-year exploration license.
Significant discovery licenses issued as a result of these exploration licenses will be subject to rentals which will escalate the longer the lands are held without any further activity. This is the first time terms and conditions have been prescribed for Significant Discovery Licenses to encourage development.
Successful bids for the three Jeanne d'Arc basin parcels went to B. G. Capital Ltd., Husky Oil Operations Ltd., and Norsk Hydro Canada Oil & Gas Inc. The two western Newfoundland and Labrador offshore region parcels went to B. G. Capital Ltd. and NWest Energy Inc., respectively.
The board plans to issue an exploration license for each of the six parcels in January 2007.
11-17-06
