Licenses near Hibernia offered

Grand Banks license area [133,973 bytes] The Canada-Newfoundland Offshore Petroleum Board has announced a call for bids on 801,053 hectares off Newfoundland. The license blocks are near the 750 million bbl Hibernia field (see related story, this page) and the 300-400 million bbl Terra Nova field. The call for bids includes 13 parcels: six in the Jeanne d' Arc basin, three in the Outer Ridge Complex, two in the Flemish Pass, and two adjacent to the North Grand Banks basin. Bids will be

March 16, 1998

2 min read

Grand Banks license area [133,973 bytes]

The Canada-Newfoundland Offshore Petroleum Board has announced a call for bids on 801,053 hectares off Newfoundland. The license blocks are near the 750 million bbl Hibernia field (see related story, this page) and the 300-400 million bbl Terra Nova field.

The call for bids includes 13 parcels: six in the Jeanne d' Arc basin, three in the Outer Ridge Complex, two in the Flemish Pass, and two adjacent to the North Grand Banks basin.

Bids will be accepted until Sept. 16.

The sole criterion for selecting winning bids will be total amount of money the bidder commits to spending on exploration during the first 5 years. The minimum bid is $1 million.

Successful bidders will be issued a 9-year exploration license. During the first 5 years, the operator must drill one well to validate the license for the full term.

Sizes of the 13 parcels are: No. 1, 69,732 hectares; No. 2, 104,126 hectares; No. 3, 92,771 hectares; No. 4, 80,016 hectares; No. 5, 111,823 hectares; No. 6, 20,180 hectares; No. 7, 15,221 hectares; No. 8, 33,957 hectares; No. 9, 32,152 hectares; No. 10, 23,298 hectares; No. 11, 31,691 hectares; No. 12, 78,022 hectares; and No. 13, 108,064 hectares.