News Releases 2008

C-NLOPB Releases Results of 2007 Land Sale for Labrador Offshore Region (Call for Bids NL07-2)

For Immediate Release
September 11, 2008

The Canada-Newfoundland and Labrador Offshore Petroleum Board today announced the results of the 2007 Call for Bids NL07-2 (Labrador Offshore Region) for exploration rights in the Newfoundland and Labrador Offshore Area (see attached land plat for NL07-2). Bidding closed at 4:00 p.m. on September 10, 2008 and successful bids were received on 4 parcels totaling $186,430,680.

The bids represent the expenditures which the bidders commit to make in exploring the parcels during the initial 6-year period of a 9-year term exploration licence. If companies discover significant quantities of petroleum resources as a result of the exploration work, they may then seek a Significant Discovery Licence from the C-NLOPB. Any Significant Discovery Licences issued in respect of lands resulting from these exploration licences will be subject to rentals which will escalate over time.

The following bids have been accepted:

Parcel 1
Husky Oil Operations Limited (100%)
$ 10,162,800

Parcel 2
Vulcan Minerals Inc. (50%)
Investcan Energy Corporation (50%)
$ 9,601,000

Parcel 3
Husky Oil Operations Limited (75%)
Suncor Energy Inc. (25%)
$ 120,166,880

Parcel 4
Chevron Canada Limited (100%)

$ 46,500,000

Total
$186,430,680

Subject to the bidders satisfying the requirements specified in the Call for Bids and Ministerial approval, the Board will issue an Exploration Licence for each of the four parcels in November 2008. The Licences will be for a term of nine years, with an initial period of six years.

 

MEDIA CONTACT:

Sean Kelly APR
Manager, Public Relations
(709) 778-1418
(709) 689-0713 (Cell)
skelly@cnlopb.nl.ca


News Releases 2008

DateUpdate
2008, Dec 1C-NLOPB Releases Results of 2008 Call for Bids, NL08-3 and NL08-4 Sydney Basin and Western Newfoundland and Labrador Offshore Region
2008, Nov 17C-NLOPB Releases Results of 2008 Call for Bids, NL08-1 and NL08-2 Central Ridge/Flemish Pass and Jeanne d’Arc Basin
2008, Oct 6C-NLOPB Responds To Journal Article
2008, Sep 11C-NLOPB Releases Results of 2007 Land Sale for Labrador Offshore Region (Call for Bids NL07-2)
2008, Aug 28Strategic Environmental Assessment Labrador Shelf Offshore Area Completed
2008, Jul 10C-NLOPB Releases 2007/08 Annual Report
2008, Jun 62008 CALLS FOR BIDS
2008, Apr 2Husky Energy’s North Amethyst Extension Approved by Governments
2008, Apr 2Husky Energy’s North Amethyst Extension Approved by Governments
2008, Mar 25Comments Invited on Draft Strategic Environmental Assessment Report for Labrador Shelf Offshore Area
2008, Feb 26C-NLOPB Responds to Auditor General’s Report
2008, Feb 5White Rose Development Plan Amendment SeaRose FPSO Modifications Withdrawn By Proponent
2008, Jan 17C-NLOPB announces Landmark as successful bidder for Digital Petroleum Data Management System