Hon. Michael F. Currie, Minister for Development and Technology, today issued a Call For Bids for an oil and gas permit for a 65,917 acre (26,687 hectare) tract of land in Prince County. This will allow interested oil and gas exploration companies to bid for permit rights, pursuant to the Province's Oil and Natural Gas Act.
"I am encouraged by the continued high level of interest in Prince Edward Island for the exploration of oil and natural gas," the Minister said. "Presently, over one million acres are under oil and gas permit by nine companies."
As part of the process, bidders must disclose their plans for the lands and post a performance bond that represents one quarter of the value of the work that is stated for the six-year term. Consistent with the Act, the issuance of an oil and gas permit does not transfer property rights to the successful bidder, as access onto or over privately held property must be negotiated.
Companies will have until 2:00 pm (ADT) Tuesday, June 18th, 2002 to submit their bids. Further information and bid documents are available through the Department's Energy and Mineral Section.