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C-NLOPB Announces 2017 Call for Bids

Source: www.gulfoilandgas.com 4/3/2017, Location: North America

The Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) has issued a Call for Bids in the Jeanne d’Arc Region under the Scheduled Land Tenure Regime in the Canada-Newfoundland and Labrador Offshore Area.

Interested parties will have until 12:00 p.m. NST on November 8, 2017 to submit sealed bids for the parcels offered in Call for Bids NL17-CFB01. The sole criterion for selecting a winning bid will be the total amount of money the bidder commits to spend on exploration of the parcel during Period I (the first period of a nine-year licence). The minimum bid for the parcel offered is $10,000,000 in work commitments. Notification of any changes to this Call for Bids will be posted on the Board's website.

Call for Bids NL17-CFB01 (Jeanne d’Arc Region) consists of three parcels and a total of 317,407 hectares. The Call for Bids parcels are included in the 2014 Eastern Newfoundland Strategic Environmental Assessment (SEA). The SEA examines the environmental effects which may be associated with a plan, program or policy proposal and allows for the incorporation of environmental considerations at the earliest stages of program planning. SEA involves a broader-scale environmental assessment (EA) that considers the larger ecological setting and consultation with a wide array of stakeholders. A project-specific EA that focuses on site-specific issues must be completed before any work can begin within the licence area.

Offshore safety and environmental protection are paramount in all Board decisions. The C-NLOPB will not approve any offshore petroleum related activity until an Operator demonstrates that it has met all legislative and regulatory requirements and has reduced risks to levels that are as low as reasonably practicable.

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