courtesy Petro-Canada

Oil companies have until the end of November to bid in the Canadian maritime province Newfoundland and Labrador’s “2008 land-sales” round, the first of its kind in half a decade.

Four calls will go out to bid on 10 parcels of acreage, with the current auction focused on the five parcels of the Flemish Pass, Central Ridge and Jeanne d’Arc Basin.

The Newfoundland government wants bids of no less than a million dollars in exploration and development work, except in the Western Newfoundland and Labrador offshore region, where the minimum is $250,000.

The exploration licenses on offer run for nine years, although a well must be spudded early on to secure the full term.

After five wells, Canadian officials say undiscovered hydrocarbon resources in the Flemish Pass Basin are a conservative 1.7 billion barrels. Jeanne d’Arc Basin is about the same size.