Canada-Nova Scotia Offshore Petroleum Resources Accord Implementation Act (S.C. 1988, c. 28)

Act current to 2014-06-12 and last amended on 2013-12-01. Previous Versions

Division IIGeneral Rules Relating to Issuance of Interests

Authority to Issue Interests

Marginal note:Authority to issue interests
  •  (1) The Board may issue interests in respect of any portion of the offshore area in accordance with this Part and the regulations.

  • Marginal note:Fundamental decision

    (2) The issuance of an interest by the Board is subject to sections 32 to 37 unless the interest is issued pursuant to subsection 76(1) or paragraph 84(1)(a).

  • Marginal note:Application of interest may be limited

    (3) Subject to subsection (4), the application of any interest may be restricted to such geological formations and to such substances as may be specified in the interest.

  • Marginal note:Non-retrospective effect of subsection (3)

    (4) Subsection (3) does not apply to any interest

    • (a) that is in force or in respect of which negotiations were completed before or on the coming into force of this section in relation to any portion of the offshore area; or

    • (b) that immediately succeeds an interest referred to in paragraph (a) in relation to that portion of the offshore area where that portion was not a Crown reserve area on the expiration of the interest referred to in paragraph (a).

Issuance of Interests in Relation to Crown Reserve Areas

Marginal note:Calls for bids
  •  (1) Subject to section 64, the Board shall not issue an interest in relation to Crown reserve areas unless

    • (a) prior thereto, the Board 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 Board in accordance with subsection 62(1).

  • Marginal note:Fundamental decision

    (2) The making of a call for bids by the Board is subject to sections 32 to 37.

  • Marginal note:Requests for postings of portions of the offshore area

    (3) Any request received by the Board to make a call for bids in relation to particular portions of the offshore area shall be considered by the Board in selecting the portions of the offshore area to be specified in a call for bids.

  • Marginal note:Contents of call

    (4) A 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) where 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 Board;

    • (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 Board 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.