C-NLOPB Issues Call for Bids in Eastern Newfoundland

c nlopb issues call bids eastern newfoundland

The Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) is issuing a call for bids for oil and gas exploration licenses in the Eastern Newfoundland region.

The Call for Bids No. NL24-CFB01 consists of 41 parcels totaling 10,287,196 hectares. Out of those, 32 were previously available under either separate calls for bids or through relinquishment of Crown lands. The other nine parcels are new and designed over Sector NL06-EN with consideration from stakeholder input from a previous call for nominations.

The minimum bid for a parcel is $10 million in work commitments. Winners are selected based on the highest total of money the bidder commits to spend on exploration of a parcel during the first six years of a nine-year license, known as Period 1.

Some parcels in this call for bids overlaps with the Northeast Newfoundland Slope Marine Refuge. Regulations and the timing, spatial extent and nature of proposed oil and gas activities will determine the level of additional restrictions required. The region is important for fish harvesters, so any companies granted exploration licenses will be required to engage with fishing interests before oil and gas activities will be authorized.

The deadline for bids is Nov. 6 at 12:00 p.m. Newfoundland time. Successful bids will be required to receive ratification by the federal and Newfoundland and Labrador governments to be awarded any exploration licenses.

The C-NLOPB will not proceed with a call for bids in the Jeanne d’Arc Region in 2024, but will reevaluate on an annual basis.

This article was originally published by a www.hartenergy.com

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