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

Marginal note:Exception to call for bids — petroleum

• 61 (1) Subject to sections 31 to 40, the Regulator may issue a petroleum-related interest, in relation to any Crown reserve area, without making a call for bids if

  • (a) the portion of the offshore area to which the interest is to apply has, through error or inadvertence, become a Crown reserve area and the interest owner who last held an interest in relation to such portion of the offshore area has, within one year after the time it became a Crown reserve area, requested the Regulator to issue an interest; or

  • (b) the Regulator is issuing the interest to an interest owner in exchange for the surrender by the interest owner, at the request of the Regulator, of any other interest or a share in any other interest, in relation to all or any portion of the offshore area subject to that other interest.

• Marginal note:Notice

  (2) Where the Regulator proposes to issue an interest under subsection (1), the Regulator shall, not later than ninety days before issuing the interest, publish a notice in accordance with section 63 setting out the terms and conditions of the proposed interest.