What bidding criteria is used in a Request for Bids?
The Petroleum Regulations require that a single bidding criteria be utilized. To date the criteria has been “work expenditure commitment”, but the Minister has the power to decide upon the criteria. It could take the form of a straight cash bid or any other form. Where the bidding criteria is in the form of work commitments the winning bidders are required to submit security deposits against future work commitments. If the work expenditures are not incurred the deposits are forfeited to the Crown.
