CNOPB Provides Results of Jeanne d'Arc Basin Licensing Round



The Canada-Newfoundland Offshore Petroleum Board announced the results of the 2004 Call for Bids for exploration rights in the Newfoundland and Labrador offshore area that closed on November 17, 2004. Bids were received on 5 of the 5 parcels offered. All the bid parcels are located in the Jeanne d'Arc Basin.

The Bids represent the expenditures that the bidders commit to make in exploring the parcels during the initial 5-year period of a 9-year term exploration license.

The following bids have been conditionally accepted:

  • Parcel 1 (91 107 ha)
    Husky Oil Operations Limited*
    Petro-Canada

50%
50%
$ 28,000,000
  • Parcel 2 (52 125 ha)
    Husky Oil Operations Limited*

100%
$ 18,000,000
  • Parcel 3 (84 270 ha)
    Husky Oil Operations Limited*

100%
$ 1,000,560
  • Parcel 4 (35 674 ha)
    Petro-Canada*
    Norsk Hydro

50%
50%
$ 16,000,000
  • Parcel 5 (7,080 ha)
    ExxonMobil Canada Properties*
    Chevron Canada Resources
    Petro-Canada Hibernia Partnership
    Canada Hibernia Holding Corporation
    Murphy Atlantic Offshore Oil Company Ltd.
    ExxonMobil Canada Hibernia Company Ltd.
    Norsk Hydro Canada Oil & Gas Inc.

28.125%
26.875%
20.00%
8.5%
6.5%
5.0%
5.0%
$ 8,125,500

* refers to representative

Total

$ 71,126,060
Subject to Ministerial approval and the bidders satisfying the requirements specified in the Call for Bids, the Board will issue an Exploration License for each of the 5 parcels in January 2005. The Licenses will be for a term of nine years, with an initial period of five years.
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