Canada–Nova Scotia Offshore Petroleum Resources Accord Implementation and Offshore Renewable Energy Management Act

Marginal note:Calls for bids

• 61 (1) Subject to section 64, the Regulator shall not issue a petroleum-related interest in relation to Crown reserve areas unless

  • (a) prior to issuing the interest, the Regulator has made a call for bids in relation to those Crown reserve areas by publishing a notice in accordance with this section and section 66; and

  • (b) the interest is issued to the person who submitted, in response to the call, the bid selected by the Regulator in accordance with subsection 62(1).

• Marginal note:Fundamental decision

  (2) The making of a call for bids for the issuance of a petroleum-related interest is subject to sections 32 to 37.

• Marginal note:Requests for call for bids

  (3) Any request received by the Regulator to make a call for bids for the issuance of a petroleum-related interest in relation to particular portions of the offshore area shall be considered by the Regulator in selecting the portions of the offshore area to be specified in such a call for bids.

• Marginal note:Contents of call for bids

  (4) The call for bids shall specify

  • (a) the interest to be issued and the portions of the offshore area to which the interest is to apply;

  • (b) if applicable, the geological formations and substances to which the interest is to apply;

  • (c) the other terms and conditions subject to which the interest is to be issued;

  • (d) any terms and conditions that a bid must satisfy to be considered by the Regulator;

  • (e) the form and manner in which a bid is to be submitted;

  • (f) subject to subsection (5), the closing date for the submission of bids; and

  • (g) the sole criterion that the Regulator will apply in assessing bids submitted in response to the call.

• Marginal note:Time of publishing call

  (5) Unless otherwise prescribed, a call for bids shall be published at least one hundred and twenty days before the closing date for the submission of bids specified in the call.