Canada–Newfoundland and Labrador Atlantic Accord Implementation and Offshore Renewable Energy Management Act

Marginal note:Selection of bid

• 59 (1) A bid submitted in response to a call for bids for the issuance of a petroleum-related interest shall not be selected unless

  • (a) the bid satisfies the terms and conditions and is submitted in the form and manner specified in the call; and

  • (b) the selection is made on the basis of the criterion specified in the call.

• Marginal note:Publication of bid selected

  (2) If the Regulator selects a bid submitted in response to the call for bids, the Regulator shall publish a notice in accordance with section 63 setting out the terms and conditions of that bid.

• Marginal note:Interest to be consistent with call

  (3) If a petroleum-related interest is to be issued as a result of a call for bids, the terms and conditions of the interest shall be substantially consistent with any terms and conditions in respect of the interest specified in the call.

• Marginal note:Publication of terms and conditions of interest

  (4) The Regulator shall publish a notice in accordance with section 63 setting out the terms and conditions of any petroleum-related interest issued as a result of a call for bids as soon as practicable after its issuance.