CNSOPB Issues Call for Bids

The Canada - Nova Scotia Offshore Petroleum Board (CNSOPB) has announced the Call for Bids No. NS03-1. This Call is for four parcels with a total area of approximately 250,524 hectares and will remain open until 4:00 p.m., Thursday, November 6, 2003.

The public is invited to submit written comments to the Board on the lands included in the Call for Bids. Such submissions will be considered by the Board before an Exploration License is issued. The deadline for the submission of written comments is 4:00 p.m., Thursday, October 9, 2003. The lands included in Call for Bids No. NS03-1 are covered in a Strategic Environmental Assessment (SEA) released for public comment in the fall of 2002.

Criterion for selecting winning bids will be based on the total amount of money the bidder proposes to spend on exploration of the lands during the first five-year period of the nine-year license. The minimum bid to be considered for each parcel is $1 million (Canadian). Subject to Federal and Provincial Ministerial approval, successful bidders will be issued an Exploration License for a term of nine years consisting of two consecutive periods referred to as Period 1 and Period 2. To validate the license for Period 2, the drilling of a well must be commenced during Period 1 and diligently pursued to termination in accordance with good oilfield practice. Failure to fulfill this drilling requirement will result in the termination of the license at the end of Period 1.