May 18, 2007
2007 Call for Bids Shows Renewed Interest in Offshore Labrador
The 2007 Call for Bids shows renewed interest in lands located offshore Labrador and demonstrates the industry�s continued confidence in the geology of the province�s offshore.
The Canada-Newfoundland and Labrador Offshore Petroleum Board (board) today announced its 2007 Call for Bids for five parcels of land � four of which are located offshore Labrador.
"We have significant interest in our offshore � on the west coast, in the Laurentian, Jeanne d�Arc and Orphan basins and offshore Labrador," said the Honourable Kathy Dunderdale, Minister of Natural Resources. "This year�s Call for Bids focuses on offshore Labrador, which, up to this point has been relatively unexplored compared to other areas of our offshore. Industry obviously has confidence in the prospectivity of these parcels and this puts us on a path of having additional discoveries in this region."
Prior to identifying the parcels of land included in the annual Call for Bids, the board solicits interest from the industry through a nomination process for offshore lands. This year, two separate Calls for Bids are being issued as a result of this process � one consists of one parcel off the west coast of the island and the second is for four parcels offshore Labrador.
These parcels comprise a total area of nearly one million hectares. The minimum bid for each of the five parcels is $1 million.
The closing date for interested parties to submit bids on the Labrador parcels is August 1, 2008, or 30 days after the completion of a Strategic Environmental Assessment (SEA) Report for the Labrador Offshore Area. The need for this assessment was identified as a result of the renewed interest in the Labrador region. This process will include extensive consultation with Aboriginal groups, coastal communities and interest holders. A working group has been established to determine the scope and content of the SEA. This working group is being co-chaired with Nunatsiavut Government.
"Similar assessments have been completed in the Laurentian, Orphan and Sydney basins and the west coast area," Minister Dunderdale said. "The assessment of potential environmental sensitivities will assist the board in identifying what restrictive or mitigative measures, if any, should be attached to exploration activities off the Labrador shelf."
The closing date for the parcel of land off the west coast is November 30, 2007. Details on the 2007 Call for Bids can be found on the Canada-Newfoundland and Labrador Offshore Petroleum Board�s Web site at www.cnlopb.nl.ca.
2007 05 18 12:35 p.m.
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