The government has called for bids on two new oil and gas dispositions in the Eagle Plain region.
The company that promises to spend the most money on exploration in each of the two areas will win rights to the potentially precious resources beneath the soil.
Bids lower than $400,000 will be rejected.
The dispositions are adjacent parcels of land, about 330 and 400 square kilometres in size, located about 10 kilometres to the west of where the Dempster Highway crosses the N.W.T. border.
They are within the Vuntut Gwitchin First Nation’s traditional territory and within the North Yukon Regional Land Use Plan.
The two locations were nominated by industry in January, and a public review concluded in March.
“The Yukon government has taken the time to carefully consider the environmental, socio-economic and access feedback received during the review period, which has resulted in modifications to one of the areas,” said Resource Minister Brad Cathers in a press release.
Sixteen oil and gas permits have been issued in the Yukon since the current disposition process was implemented in 2007. Fifteen of those are located in the Eagle Plain basin.
The deadline for bids on the current dispositions is August 2.