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March 12, 1998
(Mines and Energy)


Minister welcomes new Call for Bids

Charles Furey, Minister of Mines and Energy, says he is pleased with the Canada-Newfoundland Offshore Petroleum Board's (C-NOPB) announcement earlier this week for a 1998 Call for Bids for 13 parcels of land. The land parcels are located in the Jeanne d'Arc Basin, Outer Ridge Complex, Flemish Pass and the North Grand Banks Basin.

"I am pleased with the parcels of land the C-NOPB announced earlier this week for its 1998 Call for Bids. This is the largest land offering ever held by the C-NOPB in the Grand Banks area," says Furey. "It is encouraging that we are now seeing lands being offered for bids that are outside the traditional areas.

"I believe the continued interest and excitement surrounding our offshore is a combination of the beginning of production at Hibernia, the decision by the partners to proceed with development of the Terra Nova oil field, the generic royalty regime and the commitment of nearly $100 million in the 1997 Call for Bids for further exploration on four parcels of land in the Jeanne d'Arc basin area."

Mobil and Husky Oil have already announced intentions to drill delineation wells later this year on the Hebron and White Rose fields.

Contact: Tara Laing, Communications, (709) 729-4890.

1998 03 12 1:30 p.m.

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