Eight parcels were available for bid during the NS22-1 Call for Bids by the Canada-Nova Scotia Offshore Petroleum Board. (Source: CNSOPB)
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.
Recommended Reading
Chevron CEO: Upstream Returns to be ‘Structurally Higher’ than Downstream
2023-11-01 - Chevron’s $53 billion acquisition of Hess Corp. will concentrate the California major even further in upstream oil and gas production—the part of its portfolio where Chevron sees the most future upside.
Halliburton Sees Tighter Market as E&P Consolidation Continues
2023-10-24 - Jeff Miller, Halliburton’s chairman, president and CEO, said with a more consolidated market focused on returns and free cash flow generation, customers will look for value in oilfield service technology and efficiency.
Antero Sets Record Production Despite Lower Rig Count
2023-11-03 - Antero Resources’ management is hopeful the industry’s reduction in rig activity will help “balance” the natural gas market.
Analysts: Exxon-Pioneer Deal Could Usher in Shale M&A Flurry
2023-10-10 - Exxon Mobil scooping up Permian Basin giant Pioneer Natural Resources in a $60 billion deal could spur other megadeals across the U.S. oil patch, experts say.
Targa Resources Weighs Whether Building Apex Pipeline is Best Move
2023-11-09 - Despite having a permit in hand to build the Apex pipeline, Targa Resources is considering “multiple options” that may mean scrapping the project.