Chevron Canada, a subsidiary of Chevron Corp, has acquired an exploration licence for the Beaufort Sea in Canada’s far north for a bid of C$103.3m ($101m).

The 508,800 acre block, which is located north of the Yukon coast, was awarded by Indian and Northern Affairs Canada, responsible for oil and gas activity in the Arctic.

Chevron already owns interests in ten Beaufort discoveries, including 33% of the 1986 Amauligak find and 13% of the adjacent Issungak discovery.

Seismic and drilling plans for the new block are yet to be devised.