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

Marginal note:Significant discovery licence in relation to areas subject to exploration licences

• 76 (1) Where a declaration of significant discovery is in force and all or a portion of the significant discovery area is subject to an exploration licence or a share therein held in accordance with section 69, the Board shall, on application of the interest holder of the exploration licence or the share made in the form and manner and containing such information as may be prescribed, issue to the interest holder a significant discovery licence in respect of all portions of the significant discovery area that are subject to the exploration licence or the share.

• Marginal note:Significant discovery licence in relation to Crown reserve areas

  (2) Where a declaration of significant discovery is in force and the significant discovery area extends to a Crown reserve area, the Board may, after making a call for bids in relation to that Crown reserve area or any portion thereof and selecting a bid submitted in response to the call in accordance with subsection 62(1), issue a significant discovery licence to the person who submitted that bid in relation to the Crown reserve area specified in the call.

• Marginal note:Fundamental decision

  (3) The making of a call for bids and the issuance of a significant discovery licence by the Board pursuant to subsection (2) is subject to sections 32 to 37.

• Marginal note:Terms and conditions of significant discovery licence

  (4) A significant discovery licence shall be in the form prescribed and may contain any other terms and conditions, not inconsistent with this Part or the regulations, as may be agreed on by the Board, subject to sections 32 to 37, and the interest owner of the significant discovery licence.