World of Oil and Gas ///

Experienced deepwater operators will have the chance to win exploration rights on eight deepwater blocks offshore Nova Scotia, Canada, following a call for bids issued by the Canada-Nova Scotia Offshore Petroleum Board in late June. The board said the parcels are located in a largely unexplored area, and that an analysis by the nonprofit Offshore Energy Technical Research Association suggests significant oil potential due to many large, undrilled structural traps. Some of the areas being auctioned were nominated by the industry. Bids are due by Jan. 10, 2011, and will only be accepted from companies that have drilled exploration wells in water depths greater than 800 m (2,600 ft) within the past 10 years. Exploration licenses will be awarded to the successful bidders subject to federal and provincial ministerial approval. Detailed geoscientific assessments and regulatory information associated with the parcels are available on the board’s website.

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