Canadian oil companies Husky Oil and Suncor were the top bidders in a quietly held recent land sale offshore Canada’s oil-rich maritime provinces, local goverment has heralded.
The Canada-Newfoundland and Labrador Offshore Petroleum Board said successful bids on four parcels of land were good for $186,430,680.
The 2007 Call for Bids gave exploration rights offshore for the following bids:
- Husky Oil Operations Limited , $10,162,800
-Vulcan Minerals Inc. (50%), Investcan Energy Corporation (50%), $9,601,000
-Husky Oil Operations Limited (75%), Suncor Energy Inc. (25%), $120,166,880
-Chevron Canada Limited (100%), $ 46,500,000
The bids represent the exploration spending bidders commit to making during their first six years of a nine-year license.
The agreements convert to “rental” agreements upon “any significant discovery”.
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