Only one successful bid was submitted under the Canada-Nova Scotia Offshore Petroleum Board’s (CNSOPB) NS22-1 call for bids for eight parcels on the Scotian Shelf and Slope, the board announced Oct. 4.
In total, two bids were submitted, one for Parcel #5 and one for Parcel #8. CNSOPB said Inceptio Ltd., with a US$1.1 million (CA$1.5 million) work expenditure bid, is the successful bidder for Parcel #8, but said the decision is subject to government approval.
If the Federal Minister of Energy and Natural Resources and the Provincial Minister of Natural Resources and Renewables approve the bid, the CNSOPB will issue Exploration License 2437 for Parcel #8 on Jan. 15, 2024.
Work expenditure bids indicate how much money a bidder proposes to spend exploring the land parcels during the initial six-year period of a nine-year exploration license.
Because no bids were received for Parcels 1, 2, 3, 4, 6 and 7, they are no longer up for bid and will remain as Crown land.
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