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Chevron wins C$103 million bid for Canadian Arctic rights

Fri, 08/06/2010 - 11:26am
Reuters

CALGARY Alberta (Reuters) - Chevron Corp has acquired an exploration license for the Beaufort Sea in Canada's Far North with a C$103.3 million ($101 million) bid as the country gets set to review offshore drilling following the BP oil spill in the Gulf of Mexico.

Indian and Northern Affairs Canada, which is responsible for oil and gas activity in the Arctic, awarded Chevron a 205,946 hectare (508,800 acre) block north of the Yukon coast and just east of the Canada-U.S. boundary.

The acreage was up for grabs as part of a 2009-10 call for bids and follows Chevron's last winning Beaufort acreage bid, a C$1 million package in 2007.

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