The Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) has issued a Call for Bids for Exploration Licenses in the Eastern Newfoundland Region.
Call for Bids NL20-CFB01 (Exploration Licences, Eastern Newfoundland Region) consists of 17 parcels and a total of 4,170,509 hectares.
Interested parties will have until 12:00 p.m. NST on November 4, 2020, to submit sealed bids for the parcels offered.
The sole criterion for selecting a winning bid will be the total amount of money the bidder commits to spend on exploration of the parcel during Period I (the first period of a nine-year license).
The minimum bid for the parcels offered is $10,000,000 in work commitments.