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Natural Resources
May 13, 2011

Calls for Bids Provide Opportunities for Future Exploration and Growth

The 2011 Calls for Bids announced yesterday by the Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) demonstrate a steady growing interest in the exploration opportunities and resource potential in Newfoundland and Labrador.

“This year’s Calls for Bids show a significant interest by our industry partners in those areas of our province that to date have remained relatively unexplored,” said the Honourable Shawn Skinner, Minister of Natural Resources. “These parcels will lead to new exploration opportunities that may support future discoveries and the continued long-term development of our valuable resources.”

The 2011 Calls for Bids consist of eight parcels of land in the Western Offshore, the Labrador Offshore, and the Flemish Pass/North Central Ridge regions. These areas have been previously assessed to identify any mitigative measures that may be required in relation to exploration activity on these parcels. The exploration rights to a total of 1,599,295 hectares of land is up for bidding. The minimum bid for each parcel offered in the Labrador Offshore and the Flemish Pass/North Central Ridge regions is $1 million. In the Western Offshore region, the minimum bid is $250,000. The 2011 Calls for Bids provide the first public disclosure of new terms and conditions in the Western Offshore region. As a result, all offshore areas now have more flexible extension options.

“In 2010, over $110 million in work commitments were received by the C-NLOPB bringing the total outstanding work commitments to almost $1 billion,” said Minister Skinner. “This provided a clear indication of the ongoing growth in exploration in offshore Newfoundland and Labrador.”

Further details on the 2011 Calls for Bids can be found on the C-NLOPB’s website at www.cnlopb.nl.ca/.  The deadline to submit bids is November 15, 2011 at 4:00 p.m.

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Media contact:
Heather Maclean
Director of Communications
Department of Natural Resources
709-729-5282, 697-4137
heathermaclean@gov.nl.ca 

2011 05 13                                                                            9:15 a.m.

 
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