March 29, 1999
(Mines and Energy)

The following statement was issued today by Roger Grimes, Minister of Mines and Energy. It was also read in the House of Assembly:

C-NOPB Call for Bids

The Canada-Newfoundland Offshore Petroleum Board has announced their 1999 Call for Bids for the province's offshore area. There will be 10 parcels up for bid this year, with two in the Jeanne d'Arc Basin, six in the Flemish Pass and two adjacent to the Newfoundland West Coast area. This amounts to more than one million hectares of land.

As you are aware, last year's Call for Bids resulted in record offshore land sales. It attracted total work expenditure commitments of $175 million, an increase from the previous high of $126 million in 1996. This is truly indicative of the confidence and strength of our offshore industry.

The offshore activity in this province, despite low oil prices, is strengthening and gaining local, national and international attention. This is evident in projects like Hibernia, Terra Nova, delineation at Hebron/Ben Nevis complex, White Rose and more companies investing in drilling projects for this year.

Companies interested in bidding on land parcels must submit their bid by November 17, 1999 to the C-NOPB. Winning bids are solely based on the amount of money a bidder plans to commit to exploration on the parcel during the first five years. Further details on the 1999 Call for Bids are available by contacting the C-NOPB.

The 1999 Call for Bids is another opportunity for companies to invest in a province that has a stable economic base, immense natural resources and development potential, world-class research facilities and $1.2 billion worth of onshore infrastructure for our offshore oil and gas industry, and a dedicated and competent workforce.

1999 03 29 2:30 p.m.