Canadian licensing round complete

The Canada-Nova Scotia Offshore Petroleum Board on Thursday announced high bidders for eight exploration licenses off Nova Scotia. The board offered the tracts last June. The high bids represented what the winners would spend exploring the blocks during the first 5 years of a 9-year lease.


The Canada-Nova Scotia Offshore Petroleum Board on Thursday announced high bidders for eight exploration licenses off Nova Scotia.

The board offered the tracts last June. The high bids represented what the winners would spend exploring the blocks during the first 5 years of a 9-year lease.

A 50:50 consortium of BP Canada Energy Co. and Anadarko Canada Corp. bid $97.8 million (Can.) for Parcel No. 6, which covers 185,580 hectares in 200-2,500 m of water.

Kerr-McGee Offshore Canada , a unit of Kerr-McGee Corp. was high bidder on three parcels: $27.2 million for No. 1, which covers 306,800 hectares in 500-3,000 m of water; $20.6 million for No. 2, which covers 114,010 hectares in 100-1,700 m of water; and $13.1 million for No. 7, which covers 296,440 hectares in 1,500-3,000 m of water.

Canadian Superior Energy Inc. high bidder on two parcels: $5.1 million for No. 4, which covers 24,050 hectares in less than 100 m of water, and $22.6 million for No. 5, which covers 20,776 hectares in less than 100 m of water.

Richland Minerals Inc. bid $2.1 million for No. 3, covering 25,935 hectares in less than 100 m of water and $3.2 million for No. 8, which covers 279,990 hectares in 2,000-3,500 m of water.

The board will issue exploration licenses for the parcels if the federal or provincial governments do not object within 30 days.

After reviewing parcels nominated by oil companies, it decided not to hold its next planned offering. It plans to consider bids for tracts in June that are nominated by Mar. 31.

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