The Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) has issued a Call for Bids for Exploration Licenses in the Eastern Newfoundland Region.
Call for Bids No. NL24-CFB01 comprises 41 parcels and approximately 10.3 million hectares, 32 of which have been made available under previous bidding rounds or relinquishment of lands that have subsequently reverted to Crown reserve.
The remaining nine parcels are new and were designed over Sector NL06-EN, with consideration given to stakeholder input from a previous call for nominations.
Interested parties will have until 6 November to submit sealed bids. Notification of any changes to the Call for Bids will be posted on C-NLOPB website.
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 6 years of a 9-year license. The minimum bid for the parcels offered is C$10 million in work commitments.
Some of the parcels in this round overlap the Northeast Newfoundland Slope Marine Refuge. The C-NLOPB will continue to work closely with Fisheries and Oceans Canada and others in the protection of environmentally significant areas. Emissions-related considerations will be assessed as part of the regulatory review process when companies propose specific plans.
Based on an assessment of nominations and land tenure considerations, the C-NLOPB has decided not to proceed with a 2024 round in the Jeanne d’Arc Region. The decision to proceed with future rounds will be assessed on an annual basis.
