Nova Scotia calls for bids on offshore blocks

The Canada-Nova Scotia Offshore Petroleum Board has issued a call for bids on 20 exploration licenses off Nova Scotia. The licenses cover about 2.2 million hectares (see map [119,820 bytes]). The minimum bid for each block is set at $1 million (Canadian). The blocks will be awarded based exclusively on the amount of capital to be spent during an initial license period of 5 years. If the bid winners post a $250,000 deposit toward the drilling of a well before the conclusion of the fifth year, the license will be extended to a sixth year. If a well is drilled by the end of the sixth year, the license term will be extended another 3 years. The board also detailed...

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