RE: RE: RE: Excellent sale price
Calls for Bids Span Three Offshore Regions
The offshore land included in the 2009 Calls for Bids by the Canada-Newfoundland and Labrador Offshore Petroleum Board (CNLOPB) today represents the diversity of the province’s offshore area with parcels available in multiple regions.
"This year four parcels are available for bidding in three different offshore regions, including our prolific Jeanne d’Arc Basin, where all of our offshore production is based to date," said the Honourable Kathy Dunderdale, Minister of Natural Resources. "Three of the parcels are in basins which are currently non-producing, demonstrating that oil companies continue to have interest in our highly-prospective regions."
The Provincial Government promoted these offshore regions at the Offshore Technology Conference in Houston, Texas and the Canadian Society of Petroleum Geologists’ Annual Convention in Calgary in May and will promote them again at the American Association of Petroleum Geologists 2009 Annual Convention and Exhibition in Denver, Colorado in June.
Call for Bids NL09-01 consists of one parcel in the Jeanne d’Arc Basin; Call for Bids NL09-02 consists of two parcels in the Laurentian Subbasin, and Call for Bids NL09-03 consists of one parcel in the Western Newfoundland and Labrador Offshore Region.
"We take every opportunity to promote the Newfoundland and Labrador offshore region and our open and transparent bidding process that ensures interested parties can competitively access highly-prospective parcels," said Minister Dunderdale. "The fact that the sole criterion for evaluating bids is the value of work commitments ensures that all of the investment goes toward exploration."
Details of the 2009 Calls for Bids can be found on the CNLOPB website at www.cnlopb.nl.ca Deadline for submission of bids is 4:00 p.m. on November 19, 2009. The minimum bid for each parcel is $1 million, except for the parcel in the Western Newfoundland and Labrador Offshore Region which has a minimum bid of $250,000.
The 2008 Calls for Bids resulted in work commitments valued at approximately $132 million.
Geological reports that highlight the regional geology and exploration potential of the province’s offshore basins can be found on the Department of Natural Resources’ website at www.nr.gov.nl.ca/mines&en/oil
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