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C-NLOPB Releases Results for 2019 Calls for Bids

Source: www.gulfoilandgas.com 11/6/2019, Location: North America

The Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) is announcing the results of Call for Bids NL19-CFB01 (Exploration Licences, South Eastern Newfoundland Region) and Call for Bids NL19-CFB02 (Exploration Licences, Jeanne d’Arc Region). The awarding of exploration licences arising from these Calls for Bids is a Fundamental Decision, meaning it is subject to approval by the federal and provincial governments.

The sole criterion for selecting a winning bid is the total amount the bidder commits to spend on exploration of the parcel during Period I (the first six-year period of a nine-year licence). The minimum acceptable bid for each parcel is $10,000,000 in work commitments.

Call for Bids NL19-CFB01 (Exploration Licences, South Eastern Newfoundland Region)
PARCEL : 4
HECTARES:239,921
SUCCESSFUL BIDDERS:ExxonMobil Canada Ltd. (100%)
SUCCESSFUL BID AMOUNT:$10,135,948

Call for Bids NL19-CFB01 (Exploration Licences, South Eastern Newfoundland Region) offered nine parcels totalling 2,270,472 hectares.
PARCEL: 2
HECTARES:111,317
SUCCESSFUL BIDDERS:ExxonMobil Canada Ltd. (100%)
SUCCESSFUL BID AMOUNT:$10,449,996

PARCEL :3
HECTARES: 76,737
SUCCESSFUL BIDDERS: Husky Oil Operations Limited (72.5%) & Suncor Energy Offshore Exploration Partnership (27.5%)
SUCCESSFUL BID AMOUNT: $18,022,500

These Calls for Bids parcels are included in the 2014 Eastern Newfoundland Strategic Environmental Assessment (SEA). The SEA examines the environmental effects which may be associated with a plan, program or policy proposal and allows for the incorporation of environmental considerations at the earliest stages of program planning. SEA involves a broader-scale environmental assessment that considers the larger ecological setting and consultation with a wide array of stakeholders. Additionally, a Regional Assessment of Offshore Exploratory Drilling East of Newfoundland and Labrador is now underway, which has a number of stakeholder engagement opportunities.

Assessments of regional and/or site-specific issues will be completed before any work can begin within the licence area. The timing, spatial extent, and nature of proposed oil and gas activities, in addition to mitigations already prescribed by legislation, will determine the level of additional restriction or mitigation that may be required. Any additional measures would be determined during the project-specific or regional environmental assessment and/or other regulatory approval processes.

The C-NLOPB fully appreciates the importance of both the fisheries and petroleum sectors and will continue to engage with fisheries stakeholders. Any companies acquiring Exploration Licences pursuant to these Calls for Bids will be required to engage with fishing interests before any oil and gas activities are authorized.

Offshore safety and environmental protection are paramount in all Board decisions. No physical activity may occur on these licences without an operations authorization. The C-NLOPB will not approve any offshore petroleum-related activity until an operator demonstrates that it has met all legislative and regulatory requirements and has reduced risks to levels that are as low as reasonably practicable.

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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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