Saturday, April 19th10.6°C
21104
20957

BP gets Nova Scotia drill rights

BP has been granted the right to explore in Nova Scotia's offshore after the energy giant submitted a $1 billion bid, the highest ever accepted for deepwater exploration rights in Atlantic Canada.

The announcement by the Canada-Nova Scotia Offshore Petroleum Board raises hopes that the cash-strapped province can strike oil and grow its offshore energy industry, which has experienced setbacks in recent years.

"This is a strong endorsement of the valuable work our province has done to provide the industry with a clearer picture of Nova Scotia's offshore geology and potential," Premier Darrell Dexter told a news conference Friday in Halifax.

The board awarded BP, which has committed to spend more than $1 billion over the next six years, the right to explore four deepwater blocks about 300 kilometres southeast of Halifax. The area covers almost 14,000 square kilometres and is in water depths ranging from 100 to more than 3,000 metres.

Mike Daly, BP's executive vice-president of exploration, said the company's entry into Nova Scotia's offshore is in line with its growing focus on future exploration.

"This award gives us access to a significant piece of geology, one of the most promising new deepwater areas to be licensed in recent years," Daly said in a statement.

The announcement came a day after the company agreed to pay a record $4.5 billion fine in the U.S. for the explosion and oil spill that killed 11 drill rig workers and devastated the Gulf of Mexico in 2010.

Dexter said he does not ignore what happened in the Gulf, but he is confident in the province's offshore regulatory regime, which he said was "one of the strongest in the world."

The Canadian Press


Read more Business News

20225


Recent Trending




Today's Market
S&P TSX14500.39+53.87
S&P CDNX998.770.80
DJIA16408.54-16.31
Nasdaq4095.516+9.291
S&P 5001864.85+2.54
CDN Dollar0.90720.00
Gold1293.80-9.2999
Oil104.59+0.83
Lumber326.10-2.70
Natural Gas4.735+0.205

 
Okanagan Companies
Pacific Safety0.115+0.01
Knighthawk0.01-0.005
QHR Technologies Inc1.29+0.07
Cantex0.055+0.01
Anavex Life Sciences0.3750.00
Metalex Ventures0.08+0.005
Russel Metals30.66+0.11
Copper Mountain Mining2.35-0.07
Colorado Resources0.255-0.01
ReliaBrand Inc0.12-0.01
Sunrise Resources Ltd0.025-0.005
Mission Ready Services0.25+0.02

 



20820

FEATURED Property
1775677#317 3739 Casorso Road
2 bedrooms 2 baths
$278,800
more details
image2image2image2
Click here to feature your property
Please wait... loading


Learning to flirt with the edge

With all of the adventure activities I have done and still do, I wonder sometimes if the edge still exists. The systematic approach to learning a new adventure or extreme activity combined with the r...


Time spent prospecting

How much time should you put into prospecting? The question is a bit of a puzzle. Ideally, there would be a reference book that lists, by industry, how much time you should invest in prospecting acti...


Valuation fears grip markets

The Big Picture Valuation fears grip markets Growing concerns about the level of stock market valuations sparked a risk-off trade in global markets this week. Investors are worried that many companies...

_



21641

21368


Member of BC Press Council


21188