BP Emerges as Sole Bid for Offshore Canada Parcels
BP was the only operator to place a bid in the Canada-Newfoundland and Labrador Offshore Petroleum Board call for bids, which offered 17 parcels in the eastern Newfoundland region.
BP was the only operator to place a bid in the Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) Call for Bids NL20-CFB01, which offered 17 parcels (4,170,509 hectares) in the eastern Newfoundland region.
The successful bid was for Parcel 9 (covering 264,500 hectares) for $27 million in work commitments from BP Canada Energy Group. Subject to BP satisfying specified requirements and receiving government approval, the exploration license will be issued in January 2021.
No bids were received for the remaining 16 parcels, which may be re-posted in a future Call for Bids.
Criteria for selecting a winning bid is the total amount the bidder commits to spend on exploration of the parcel during the first period of a 9-year license, with a minimum acceptable bid of $10 million in work commitments for each parcel.