The Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) is announcing the results of Call for Bids NL22-CFB01 (Eastern Newfoundland Region) and Call for Bids NL22-CFB02 (South Eastern Newfoundland Region). Both Calls for Bids were previously approved by the federal and Newfoundland and Labrador governments. The awarding of exploration licences arising from any Call for Bids is a Fundamental Decision, meaning it is subject to further approvals by the federal and provincial governments.
Five successful bids were received for Call for Bids NL22-CFB01 (Eastern Newfoundland Region), totaling $238,075,321 in work commitments and covering 1,222,907 hectares. No bids were received for the South Eastern Newfoundland Region Call for Bids.
The sole criterion for selecting a winning bid is the total amount the bidder commits to spend on exploration of the parcel during Period I (the first six-year period of a nine-year licence). The minimum acceptable bid for each parcel is $10,000,000 in work commitments.
Parcels included in Call for Bids NL22-CFB01 can be found in the following map Call for Bids NL22-CFB01 Parcels map
Read more here on the successful bids in favour of BP, Exxon and Equinor…
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